On Renter’s Insurance

I was reading a Harvard study on the Housing market, as part of my general education, when I ran into a statistic that gave me pause. Only about 30% of renters have rental insurance. That is insane.

If you’re reading this, and you live in a rental housing, please just stop what you’re doing now and go buy some. It’s inane that you don’t have any. Let me tell you a story that burned this into my memory.

My brother and I’s old apartment got broken into sometime in 2011. Two MacBook Pro’s, an iphone, two pricey watches (both Omegas) and a Classic turntable were taken, among a few other minor stuff like clothes and shoes. This wasn’t a sketch area, this was in lower Manhattan. We reported to the police and the building superintendent bensut other than filling our reports, there was no recourse. It was gone. Everything taken that night was worth almost $10,000. The cops asked us if we had renter’s insurance. We didn’t. Matter of fact, that was my first time hearing of it. Turns out it was only $12 a month at the time (around $15 today). For that amount of money, we would have received a check for the fair value of everything we lost. Since then, there’s no way I’m renting, or any of my friends are renting a place and I won’t encourage them to get rental insurance. It’s not expensive, and it’s completely worth it.

A lot of people assume their landlord’s insurance covers them, and is included in the rent. It’s not. Go shop around and get renter’s insurance. Your personal belongings, damage to your apartment, all of that is covered if you pay just around $15 or a bit more per month. There’s a significant discount if you get it from the same company that insures your car.

File this under free good advice.


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