There’s something you should do first. It’s actually something you should have done years ago.
Before you invest your first $1,000, buy Brooklyn Renters Insurance.
Wait, what? Why would you make a purchase before you make an investment? Isn’t it supposed to be the other way around, so that your investments grow quickly?
Nope, this is a special case. You see, your renters insurance includes something called liability coverage. That’s very important before you invest your first $1,000 and it can save you a world of hurt down the road. It might be a month down the road, and it might be decades from now, but you’ll be glad you have the liability coverage. As a matter of fact, it may be the single best investment that you can make to protect what’s important to you!
Why buy renters insurance before making your first $1,000 investment?
Because you’d like to keep that investment, and the returns it earns, right?
The liability coverage on your renters insurance will do two things for you. First of all, it will pay to defend you against a suit or claim for bodily injury or property damage which would be covered under the policy. This applies even if the claim is false, frivolous, directed at the wrong person entirely, stupid, ridiculous, inane, vindictive, fabricated, incorrect, inaccurate, undeserved, or just plain made up.
Whether or not the claim against you is legitimate doesn’t matter. What matters is that the insurance company has a duty to defend you against those claims, and against the potentially resulting payments. They’ll pay for the representation, but it’s your lawyer who represents and has a duty to you. That’s a big deal that will save you a ton of money – insurance defense lawyers in Brooklyn aren’t cheap!
Moreover, though the policy will pay that claim if it’s proven, or if it’s small enough that it’s more practical just to settle it and be done with it. If it’s a small claim, that might save you a few tens of thousands of dollars. If it’s a large one, having renters insurance before you make your first investment could save you hundreds of thousands of dollars. Generally you can (and should) get liability limits up to $500,000. Sometimes a million is available. It only adds a few dollars a year to increase the limits, and it provides protection and peace of mind for the future.
Think you’re OK with investing your first $1,000 without the protection of renters insurance liability?
Did you know that “negligent distracted walking” is a thing? Walk down the street, glance down at your cell phone, and suddenly you run right into someone’s kid. They fall over, they get hurt, and guess whose fault it is? Yours! Not because you were actually negligent, but because the parent thinks they can squeeze a few bucks for their kid out of the insurance company.
What happens when you’re riding your bike and you run into someone? There again, you injure them and they sue you. Your renters insurance pays for that so the miracle of compound interest on your investments doesn’t have to. But it’s not just limited to things like that.
If you start a fire in your apartment and it damages the apartment and the property of other people, they’re all going to be standing in line to sue you. That’s why you have renters insurance, to take care of large, unexpected losses caused by your negligence that you couldn’t have anticipated. It prevents you from having to pay from every paycheck in the future, and it makes sure that the people who you hurt are made whole.
Don’t forget that renters insurance also protects your stuff, too. You might still be using the furniture that you had in college, and it might not be worth much, but if it all was lost in a fire you’d want to buy new stuff that wasn’t, well, college-esque, right? Renters insurance generally comes with replacement cost coverage so you can get new items of like kind and quality. That keeps you from having to dip into those investments to get the replacement items that you really want, and it prevents you from having to suffer for more years with thrift store stuff. You’ll improve your quality of life in the future by having renters insurance today.
The real beauty of it is that you can afford to buy renters insurance and you’ll still have your first $1,000 to invest! The average cost of renters insurance in NY is about fifteen bucks a month, or about $187 a year. That’s something that anyone can afford, even if you scrimped and saved to come up with that first $1,000. Before you make the investment, invest in protecting your future against people who would sue you for both legitimate reasons and because they think they can make a fast buck. Invest in protecting your family, now and in the future. Invest in protecting the property you’ll accumulate over time, given your new career. Investing in renters insurance is investing in yourself.
To find out more, just reach out to Effective Coverage, the insurance experts for renters. Whether you have questions about an existing policy or need instant renters insurance, Effective Coverage has the answers you need and the coverage you deserve. It’s easier, faster, and less expensive than you think!
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