Many people have the notion that renters insurance isn’t really a necessary investment, or that it’s just for young people starting out. But it’s a smart idea for people at all stages of life. You may not own the building you live in, but it is still important to protect your belongings. Should there be a fire, flood, or robbery, renter’s insurance will cover you so you don’t have to worry. People of all ages and stages can benefit from it, and the cost is surprisingly low.
When college students move into a dorm or apartment, they are, unfortunately, moving into a place where there is a lot of thievery. Where there are college students there are expensive laptops, video game systems, top-of-the-line cell phones, and pricey televisions, and security usually isn’t a high priority in these homes. Many students find things missing from their rooms, and have no way to recover the funds. College students are also notorious for burning popcorn at 2AM, which could result in a fire and sprinkler systems to engage. Through flood or fire, a college student’s possessions are covered with renters insurance.
Getting that first job means a step up in income, and usually a new apartment or condo too. With it sometimes comes new furniture, electronics, and other items that put a dent in the new paycheck. As you have the finances to upgrade belongings, it’s important to make sure they are covered.
Many young couples think they don’t have too much of value, but they often forget about the jewelry they invested in. With a renter’s policy, not only will all your possessions be covered, but you can rest easy if your rings are lost or stolen. Make sure your insurance agent knows the value of the rings so the policy is enough to cover replacement if needed.
Getting a new job often means a move, and for most families that means moving into a rental for a short time while you look for a house to buy. Make sure you invest in a renters policy, even if its just for a temporary stay. Also, if you put some belongings in a storage facility, then you will want to talk to your agent to make sure those belongings are covered under that policy as well.
After you’ve worked hard for several decades, many people reward themselves with seasonal living. Some own a house in one place, and rent in a warmer climate for the winter. Sometimes belongings in the rental are covered under the homeowner policy, but you may want to take out a separate renters policy to ensure all your possessions are taken care of.
This move is a hard one, not only for the resident, but for loved ones as well. And sometimes there are so many details to deal with at this point, that insurance gets forgotten. If a loved one is moving into assisted living, renters insurance will cover belongings, but it will also provide liability coverage if someone should get hurt in the home.
Renters insurance is not just for one age group. As life changes and living situations evolve, so must insurance. Whether you’re just out of high school and headed to college, or moving into assisted living to live out your golden years, renters insurance is practical and necessary. No one likes financial surprises, so if your property is damaged or stolen, you can rest assured that it won’t set you back. In addition, it provides liability coverage so if anyone ever gets hurt where you live, you know you won’t be responsible for medical bills.
Renters insurance is a very small investment compared to the peace of mind it provides. For more information about a policy, contact us or give us a call at 561-732-9305.
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.