As a renter, many people don’t think they need insurance on their personal property. This is especially common in young adults who are moving out for the first time. Many just don’t think they have enough personal property to warrant insurance. Unfortunately, it is after a loss that they realize…they had more than they thought. Had they purchased a renters policy, their property would protected, and they would not have the unfortunate task of trying to figure out how to replace their property on what little money they have at the moment.
The things it takes to make a home…even in an apartment, cost money, and when they are lost, it is devastating. Many people think their stuff isn’t worth much, but when they try to replace it…even with used items, they suddenly find out its worth. Unfortunately, often when they realize they can’t get back to the place they were, financially. These are the situations you can’t come back from easily, or quickly.
Another situation you can’t come back from easily is a liability loss, when you don’t have insurance to pay for the damages. Many people don’t think they need that coverage, because they don’t own the apartment, but the reality is that anything they do that could be listed as negligent, can haunt them for a long time to come. Sure, the owner’s insurance company will pay for the loss, but then they are going to subrogate againse you, the tenant, for the financial loss to them.
