Today’s question comes from Louie, who doesn’t have renters insurance in Queens, NY. Louie asks,
What happens if I don’t have renters insurance? I don’t feel like I need it, and I’m being told that in order to renew my lease I have to buy renters insurance. Is renters insurance a waste of money? Or am I missing something?
What happens if I don’t have renters insurance? Quite a lot, actually, and none of it good. If you don’t have renters insurance, you’re quite literally risking everything you have and your entire lifestyle. Let’s explore why.
What happens if I don’t have renters insurance and my apartment is burglarized?
Nothing. Nothing at all. Your stuff is gone, and you get no reimbursement.
This would be devastating to many people. Sometimes all they take are electronics, but sometimes everything is gone – from furniture to electronics to things in your kitchen. How would you replace all that? How would you afford to replace all that?
What happens if I don’t have renters insurance and there’s a fire?
Nothing. Everything you own is lost in the fire, and you have no way to replace it. Not only are all your possessions gone, but you’re on your own for someplace to stay in the interim. All is lost, and you have nothing to fall back on.
Not to mention, what happens if you don’t have renters insurance and there’s a fire that you negligently caused and you’re responsible for the damage to the building, the injuries to others, and any other associated costs? If you had renters insurance, these could be covered under liability. But what happens if you don’t have renters insurance is that you’re hounded for life for hundreds of thousands of dollars!
What happens if I don’t have renters insurance?
It’s not just the common things like fire and garden-variety theft that should concern you. According to CBSPhilly, someone attempted to steal a coin-operated dryer from an apartment complex and ruptured the gas line in the process. Fortunately, the gas company responded quickly to stop the leak and cap the line, but you can imagine the consequences if they had been any slower to respond. You don’t think of explosions caused by attempted dryer theft when you think about the list of perils that could befall you or your property, but it’s a risk. Did you know that explosion and resulting fire is a covered peril on renters insurance? Effective Coverage wants you to understand what happens if you don’t have renters insurance.
Remember that renters insurance can be as low as fifteen dollars a month, which is a very small investment in protecting your property, your family, and your future. Contact Effective Coverage at (800) 892-4308 or click above for a free, instant online renters insurance quote!