If you think you don’t need renters insurance, think again.
There are an estimated 371,700 residential fires. That is one fire every 84 seconds. In 2010, there were over 6,000,000 thefts nationwide. That is one theft every 4 seconds. That is about 7 million people who had something awful happen to them that likely thought “nothing will happen to me.” We hope they had renters insurance.
Many like to live risky, but everyone frowns upon having to empty their wallets when something does happen. Renters are responsible for the financial burden of losses created by their own negligence-or by accident in their own dwelling. Even when losses are caused by a grease fire in a neighboring unit, you are responsible for the damage to your personal property. Apartment fires and thefts are the leading reason renters suffer losses, and these are perils covered on a renters insurance policy.
Take, for example, the fire that happened this September in Orange, New Jersey.
The fire began on the upper floor of the five-story brick building at 399 Lincoln Ave. and then spread to three adjoining buildings, officials said. Thick plumes of smoke could be seen billowing from the top of one of the buildings, as more than 100 residents who were forced out of their homes looked on. Martin Campbell, disaster team leader for the American Red Cross, said a shelter with beds would be set up, most likely in the high school or a nearby church. It was unclear how many residents, if any, would be allowed to return to their homes. However, those that had New Jersey renters insurance were able to stay at a nearby hotel as their polices covered just this type of loss.
Not only did the renters insurance policy help pay for the expense of a hotel, it will also help pay for the cost of the damage to the resident’s personal property. Since you have replacement cost coverage on your renters insurance, you’ll be able to buy new property. The vast majority of Americans can’t afford to buy new things out of their own pocket. We spend so much money over so many years accumulating property that when a loss happens a lifetime of things is gone.
In this day and age, it’s hard to bank on something not happening to you, but you can bank on your insurance being there when you need it. If you want to be certain you have the right insurance at the right price, call Effective Coverage or get a quote online.
Renters insurance is affordable, easy, and fast. You can click above and get a quote online in just sixty seconds. Don’t believe the myths – the odds are against you that a loss will happen to you sooner or later. Make sure you’re protected when it does!