7 reasons why Millennials need renters insurance
As you’ve probably noticed in your group of friends, most Millennials rent, rather than own their home. There are many benefits to renting, but not needing insurance isn’t one of them. While you don’t need homeowner’s insurance, you most definitely need renters insurance. Here are some of the essential reasons why:
- Your landlord’s insurance doesn’t cover you. The insurance policy your landlord or property management company has only covers the structure itself. It does not extend to the valuables or furnishings you own.
- It’s the only way you can protect your possession. You can and should all precautions against fire or theft and any other unwanted events, but no matter what you do, you can never be 100 percent safe. That is the nature of accidents. But with renters insurance, such as Resident Shield, you are protected against financial disaster should any of the following happen: fire, windstorm, theft, vandalism, smoke and lightning – even earthquakes if you live in California.
- It protects you from liability. Say a potted plant from your balcony falls on a pedestrian. This makes you liable for the injury. Or you throw a party and a guest slips, falls and hurts himself. Renters insurance will help you cover medical and legal fees in case you get sued. Resident Shield for example offers up to $100,000 of coverage against personal liability claims such as slip and fall injuries.
- It protects you from animal liability. Which is quite handy should bite somebody or damage something in your unit or the community. Moreover, having renters insurance with animal liability coverage can help you secure a better apartment or even a unit in a community that isn’t very open to pets.
- It will cover your living expenses after a claim. Should an unfortunate event make it impossible for you to reside in your rented unit, renters insurance will cover your living expenses for the duration of your displacement.
- It’s cheap. Overwhelmingly people without renters insurance assume it to be very costly. That however is quite untrue. On average a policy will clock in at $300 yearly. In fact, Resident Shield will cover you for as little as 50 cents a day. A steal, especially when you factor in that in case of a claim, Resident Shield insure full replacement value for your personal property and that of your neighbors.
Peace of mind. Being in your twenties is stressful enough as you start out in adult life, especially financially. Renters insurance, at minimal cost and hassle, gives you peace of mind, knowing that should an unfortunate event happen, your finances won’t suffer