By Katherine Moura on March 13th, 2014 in Consumers
renters insurance---Not all renters have it, but all renters need it. It can be the safety net you need in an unfortunate situation. Here are 6 scenarios where renters insurance can save you and your bank account.
Your car is all packed up for your big road trip to drive across the country. You leave your car for 30 minutes to eat at your favorite Chinese restaurant in your neighborhood, one last time—a very safe area in your mind. You come back to your car and you are shocked to find ALL of your belongings gone. Worst. Day. Ever. Thankfully, you have renters insurance to cover your losses.
You’ve been gone all day running errands, and you come home to find your apartment in 2 inches of standing water—gasp! A pipe has burst ruining your floors and some of your furniture. That’s thousands of dollars worth of damage. What will you do? You call your insurance company and realize your renters insurance will help cover this and will even help cover the cost of staying in a hotel until this mess is all cleaned up.
You travel to Miami and have a 4 star hotel on South Beach—the perfect winter escape. You make sure to pack all of your nicest clothing, bags and jewelry. You unpack and head out for a night on the town. You come home after an amazing night to find EVERYTHING gone from your room. Not exactly how you wanted to start your vacation, but thankfully, your renters insurance will cover this for you.
It’s Mexican night at your apartment, and you’re cooking fajitas, enjoying a margarita. You go to move the hot skillet, and in a flash, grease spills on your burner, immediately erupting in flames. In seconds, not only are the cabinets above your stove and your stovetop ruined, but also there is smoke damage to many of your belongings. Renters insurance to the rescue again! Your policy will cover the damaged items and will pay for you to stay in a hotel.
You have friends over for a Super Bowl party and one of your friends falls down your icy steps and breaks her ankle. It’s a Sunday night, so you take her to the emergency room. Even if your friend has medical insurance, your renters insurance will help cover the medical bills. Also, thankfully she is a nice friend, but if she wasn’t and decided to sue you, your renters insurance would help cover the legal bills.
Your laptop crashes 2 days before your final paper is due for one of your courses. You are frantic, so you borrow your friends’ Mac Air to finish your paper, and it gets stolen out of your dorm room. Although you might have some difficulty convincing your teacher that this scenario happened, your renters insurance company would understand. Even if your friend doesn’t have renters insurance, your own policy will cover the stolen laptop, and you can now breathe a sigh of relief.
When purchasing your renters insurance, it is important to be aware of how much coverage you have and what your deductible is. Both will play a factor in how much assistance you will receive in each scenario.
No matter what coverage level you choose, the moral of the story here is, make sure you have renters insurance! It’s so affordable and can really save you in some unlucky situations.