Renters’ insurance helps Millennials save the day
The nation’s young-adult generation is quietly breaking away from tradition and reshaping ideals to fit a more pragmatic way of life. As opposed to their parents, Generation Y – or Millennials as they are often called – delays some of the rites of passage into adulthood like getting married, buying a home and having children, primarily because they have witnessed first-hand the effects of the economic downturn and hasty financial resolutions.
Whereas the idea of putting off home-buying in favor of renting for a few years makes total sense in the current context, many of the Millennials ride to battle unarmed. Renting is undoubtedly a more relaxed housing option and many of its advantages derive precisely from the fact that it offers plenty of flexibility; it is true that as a renter you don’t need to worry about the roof, the heating system or plowing the driveway after a snowstorm; and you can easily relocate if a better job comes your way. But, there are some things that your landlord won’t be able to fix. You need to play your part well; otherwise you may end up losing tons of money in property loss.
Landlords may require for example that you carry tenants’ insurance to minimize property damage in case something bad happens as a condition of the lease. But it’s not a general rule. Most renters have to decide for themselves if they want to purchase insurance or not; and if you’re not comfortable with knowing your personal possessions at risk, you should definitely give it some thought.
Much like homeowners’ insurance, renters’ insurance covers the contents of the rented residence in case of an unfortunate event such as theft, vandalism, smoke and fire damage, windstorm, water damage from faulty appliances, freezing pipes, windstorm and more. In such instances your landlord’s insurance won’t do you much good as it covers only the building itself and the common grounds. You need to get rental insurance if you want to protect your own property, items that you brought to the residence yourself such as clothing, art pieces, electronic equipment, jewelry, and other personal belongings.
Most young renters are under the impression that they don’t own many valuable things; yet that’s almost never the case. Most of us own at least an iPad, a laptop or TV, camera, bicycle, or smartphone, among other gears, which, when taken as an ensemble, are generally worth a couple thousand dollars, wouldn’t you say? Just think: in case of a fire breaking loose at your apartment, would you able to replace all of your lost possessions immediately out of pocket? For about 43 cents/day you may get renters insurance from ResidentShield and have peace of mind knowing that you have all of that covered.
Moreover, the standard insurance policy comes with a liability protection clause which provides coverage for accidental physical injury to another person as well as damage to property caused by the insured policy holder.