Why I’m Glad I Have Renter’s Insurance Even Though I’ve Never Had to File A Claim
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I’m writing this because a friend of mine was recently burglarized of almost everything he had and didn’t have renters insurance and now is totally despondent and relying on loans for minimum subsistence items from his parents to get by. I’ve always lived in a nice apartment in a decent neighborhood but I seem to be one of the only people I know who rents and has Renters Insurance. My insurance costs me about $360 a year and I’ve probably spent over $10,000 on Renters Insurance in the past 30 years. I’ve never filed a claim because my deductible is around $500 and I’ve only had things lost, broken or stolen for under $400, with the most expensive item being a $400 subwoofer which blew due to a power outage in the building and which the policy probably wouldn’t have covered anyway if there was no deductible because power problems are exempt.
So why do I pay for renter’s insurance? Basically because it lets me feel more secure and the $360 annual charge, which I think off the top of my head covers about $25,000, is a small price for feeling secure. Quite simply with all the electronic equipment I have including HD TV’s, 2 Home Theater Systems, furniture,computers, quality clothes and a large CD and autograph collection, if somehow I was ripped off one day, I wouldn’t be wiped out with the Renters insurance.
Renter’s insurance rates vary with the company you do business with and the rates vary due to the size of the apartment, size of the building, how long you lived there, the area, the amount you want covered,what you want covered, etc.
Insurance companies that offer rental insurance include: State Farm, Allstate, GEICO, Nationwide, Liberty Insurance, Travelers Insurance, Metlife,Wells Fargo and USAA.
I recommend that if at all possible you get a policy that gives replacement costs which means if you have a TV set that cost $750 originally but to buy the equivalent today would cost $1000, they will pay you the current cost not the $750. I would also take a video of all your belongings stating how much they cost as your are videoing the items and/or pictures of them with costs on the back and hold on to any receipts. I would make a copy of the video and leave the copy in a desk draw where you work as well and possibly bring all the receipts to your workplace too. This way if there was ever a fire or anything in your apartment, you’d still have valid records in tact for the insurance company. Hopefully, like me you’ll never have to file a claim but if you do, at least you’ll be prepared.
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