Is renters insurance a good idea? A renters insurance policy is one of the best deals on the planet.
How do we know that? Let’s do the math.
Let’s say you have a renters insurance policy for fifty years at fifteen dollars a month. Fifty years from now, you have a claim because your neighbor burned down the apartment. Did you lose money?
$15.00 monthly x 12 months/year x 50 years = $9,000
The most basic renters insurance in Dallas is going to cover more of your personal property than that, so you come out ahead even after paying for the policy for fifty years. Not to mention, when you live in an apartment, your risk of suffering a fire or water damage from another unit go up significantly. With that many people living densely together, all of your neighbors can’t statistically be fastidious and attentive at every second of their lives. Their loss becomes your loss because of the way your homes are inextricably intertwined.
In more blunt terms, you can control if you smoke in bed. You can’t control whether the drunk guy next door does. That’s why your risk goes up in an apartment, and why you need renters insurance.
Look around your apartment. Choose an item that’s important to you – your TV, your iPad, your laptop, take your pick. Would it be a financial hardship if you had to replace it out-of-pocket because it was stolen? Now multiply that hardship by everything in your home and ask yourself how much more trouble you’d have replacing all of that stuff – your clothes, your furniture, the electronics. Add it all up. Not what it’s worth on Craigslist used, but what you’d have to pay to buy a new one. That’s what replacement cost coverage does for you.
Is renters insurance a good idea in Dallas? Yes, unless you like paying again for things you’ve already paid for. It’s also a good idea because it covers liability. If you injure someone accidentally, or if you burn down the apartment through your negligence, you won’t want to pay for that. Maybe you can’t pay for that and you consider yourself judgment proof. That may be, but what about the costs of defending against those suits or claims? Dallas Renters Insurance covers those costs as well for claims that the policy would cover.
Yes, renters insurance is a good idea – in Dallas, and everywhere else in America. Only forty-four percent of Americans have coverage, which means there’s a good chance your neighbor doesn’t have coverage for his liability if he causes a fire or an overflowing bathtub that impacts your property. Your policy would take care of that under personal property coverage, even though he couldn’t because he doesn’t have liability coverage.
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