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2 years ago · by · 0 comments

Why Should I Have Renters Insurance?

…and really, does everyone need it?

The answer is…well it depends.

What does renters insurance cover?

First off, it protects your stuff. This means that, if your apartment is robbed (or there’s a fire), you’ll get a check to help replace the things you’ve lost. Keep in mind, your things are valued by how much they would cost to replace, not by the price you originally paid. For example, a 64” television you purchased 5 years ago for over $1,000 may only cost $500 today (because of awesome changes to the affordability of technology), but since you can still use that $500 to go out and buy a new, better version of your old television, it’s a pretty fair deal.

Secondly, it protects you from liability. This is similar to the protection found in homeowners insurance. This means that if anyone is injured in your home (or by the family pet) you have a little financial cushion in case there’s a lawsuit (the amount of cushion is up to your level of coverage). Even if you are the one burning down the neighbor’s apartment thanks to a forgotten Jiffy Pop, your insurance should offer some protection.

Is it worth the cost?

Most people assume renters insurance (or any added insurance) will be costly. Amazingly, policies can be found for as little as $10 a month. That’s probably less than you’re paying for insurance on your cell phone (and phone companies don’t even offer coverage for lost or stolen phones- but that’s a rant for another post). With that being said, in some cases, renters insurance might not be necessary. The big question you’ve got to ask yourself is…

”Can I afford to replace my stuff?”

Assess your items of value. Do you have expensive electronics? What about high-end furniture? And don’t forget any expensive clothing, purses, jewelry or designer shoes. Most people are surprised by the amount of value they actually keep in their home! If your final number is something beyond what you would feel comfortable shelling out, start looking into renters insurance.

Are you ready for a quote?

It never hurts to learn about your options. Let the professionals at Omni Safe shop the market and find you the best policy to fit your needs. Click, come in, or give us a call at 1-877-728-9966

Are you a renter who will soon be a homeowner? Check out our latest blog for answers to those tricky home insurance questions.

Want more information? Check out these helpful resources.

U.S. News: Money ”4 Common Myths About Renters Insurance

Free From Broke: Personal Finance Made Easy ”What is Renters Insurance and Why You Need It”

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Omni Safe Insurance
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8221 East 3rd St.
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Downey, CA 90241

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(877) 728-9966

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