Worth the cash: Why you should have renter's insurance
You live in an apartment. You survive on canned soup and boxes of mac and cheese. You may still go to mom and dad’s to do laundry to save a little cash.
Buying renter’s insurance seems like a ridiculous proposition, given your young and broke status.
Still, it’s worth thinking about, considering what experts say you stand to lose if something happens to your rental property and you don’t have a policy.
That is, basically, everything.
“There are a couple of common myths that keep people from buying renter’s insurance,” said Jessica Staehr, a public affairs specialist with State Farm Insurance in Lincoln.
Myth 1: Renter’s insurance is expensive.“Most renter’s insurance policies cost an average of $8 to $10 per month,” said Vinnie Krikac, a local agent for State Farm.
Myth 2: My landlord’s insurance covers me.“Your landlord’s insurance generally only covers the building where you live,” Staehr said. This does not include your personal belongings.
Myth 3: I don’t own that much anyway.“Most people own more than they think,” Staehr said. The average person has more than $20,000 of belongings not covered by a landlord’s policy, according to State Farm.
Though recent apartment fires in Lincoln may have brought the idea of getting renter’s insurance to the fore, renters’ policies don’t just cover fire or smoke damage to belongings, Staehr said.
Most policies also cover damage and losses caused by lighting, weight of ice, snow or sleet, theft, vandalism and water damage from plumbing or appliances.
“Even if the fire wasn’t in your apartment, smoke damage to clothing and upholstery can sometimes cause thousands of dollars in dry cleaning,” said Damon Robbins, a fire inspector for the city.
While younger people aren’t the only ones to contend with the decision to buy renter’s insurance, Krikac said they tend to be less familiar with the option.
“My business is about half and half with younger people,” Krikac said of 20-somethings versus other adults buying renter’s insurance.
Staehr said it’s important to make sure younger people know this type of coverage is available and worth the investment.
“We do a lot of targeting of youth,” she said. “Sometimes it’s even tougher for youth to rebound because they don’t have a ton of savings yet.”
Reach Lisa Munger at 473-7107 or lmunger@journalstar.com.
Buying renter’s insurance seems like a ridiculous proposition, given your young and broke status.
Still, it’s worth thinking about, considering what experts say you stand to lose if something happens to your rental property and you don’t have a policy.
That is, basically, everything.
“There are a couple of common myths that keep people from buying renter’s insurance,” said Jessica Staehr, a public affairs specialist with State Farm Insurance in Lincoln.
Myth 1: Renter’s insurance is expensive.“Most renter’s insurance policies cost an average of $8 to $10 per month,” said Vinnie Krikac, a local agent for State Farm.
Myth 2: My landlord’s insurance covers me.“Your landlord’s insurance generally only covers the building where you live,” Staehr said. This does not include your personal belongings.
Myth 3: I don’t own that much anyway.“Most people own more than they think,” Staehr said. The average person has more than $20,000 of belongings not covered by a landlord’s policy, according to State Farm.
Though recent apartment fires in Lincoln may have brought the idea of getting renter’s insurance to the fore, renters’ policies don’t just cover fire or smoke damage to belongings, Staehr said.
Most policies also cover damage and losses caused by lighting, weight of ice, snow or sleet, theft, vandalism and water damage from plumbing or appliances.
“Even if the fire wasn’t in your apartment, smoke damage to clothing and upholstery can sometimes cause thousands of dollars in dry cleaning,” said Damon Robbins, a fire inspector for the city.
While younger people aren’t the only ones to contend with the decision to buy renter’s insurance, Krikac said they tend to be less familiar with the option.
“My business is about half and half with younger people,” Krikac said of 20-somethings versus other adults buying renter’s insurance.
Staehr said it’s important to make sure younger people know this type of coverage is available and worth the investment.
“We do a lot of targeting of youth,” she said. “Sometimes it’s even tougher for youth to rebound because they don’t have a ton of savings yet.”
Reach Lisa Munger at 473-7107 or lmunger@journalstar.com.
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