As a young adult or recent college graduate, insurance is probably the last thing on your mind. It can, however, end up having a number of wide-reaching benefits for current as well as future self. By planning ahead, you can prevent financial loss on your personal possessions from being damaged or stolen in the event of an accident or emergency and ensure they are protected from theft. Continue reading to find out why you should get renters insurance whilst you’re young.
-
Renters insurance can save you money
When it comes to renters insurance, you may end up saving a considerable amount of time and money by organizing it at a young age. With the average renters insurance policy equaling around $180 per year, planning ahead can allow you to secure a better deal. The final amount you are quoted will depend on a number of factors including how much coverage you require, the type of coverage you ultimately choose, the amount of your deductible, as well as which neighborhood you reside in. As a result, you will end up paying less over the course of your tenancy than you would if you organized renters insurance at a later stage.
-
You can protect your personal possessions
By organizing renters insurance as soon as possible, you can cover any losses incurred against your personal possessions. Coverage can differ from provider to provider, but most policies cover clothes, jewellery, luggage, furniture, computing equipment, and electronics. Even if you consider yourself a minimalist, you may be surprised at how many belongings you own and how much money would be required to replace or repurchase each individual item. A number of renters insurance policies also additional unlikely, yet high-risk, perils such as damage caused aircraft and vehicles, explosions, falling objects, fire or lightning, smoke, riot or civil commotion, vandalism, volcanic eruption, weight of ice, snow, or sleet, windstorm or hail, and damage from water or steam sources including household appliances. It is worth noting, however, that damage inflicted as a result of floods and earthquakes does not tend to be included in standard policies.
-
Your landlord may require it
By organizing renters insurance as soon as possible, you can cover any losses incurred against your personal possessions. Coverage can differ from provider to provider, but most policies cover clothes, jewellery, luggage, furniture, computing equipment, and electronics. Even if you consider yourself a minimalist, you may be surprised at how many belongings you own and how much money would be required to replace or repurchase each individual item. A number of renters insurance policies also additional unlikely, yet high-risk, perils such as damage caused by aircraft and vehicles, explosions, falling objects, fire or lightning, smoke, riot or civil commotion, vandalism, volcanic eruption, weight of ice, snow, or sleet, windstorm or hail, and damage from water or steam sources, including household appliances. It is worth noting, however, that damage inflicted as a result of floods and earthquakes might not be included in standard policies, as noted by Lemonade.
-
It covers your belongings when you travel
As a young adult, travelling may be your first priority. But before you jet off on an around-the-world adventure, you must ensure your belongings are sufficiently protected in your absence. Renters insurance can cover your personal possessions whether they are in your home, your car, or have joined you on your travels. This covers them from loss due to theft whilst at home or abroad. This is because renters insurance covers the individual person as opposed to a specific geographic location. Your apartment is unable to incur liability as a sole entity as human intervention is required. You must familiarise yourself with your renters insurance policy to find out what is included before you leave them behind.
-
It can cover additional living expenses
If your home becomes uninhabitable for one reason or another, your renters insurance should cover additional living expenses. This includes the cost of temporary accommodation and emergency food supplies. You must find out what your renters insurance policy classes as additional living expenses ahead of time. This can allow you to plan ahead in the event of an accident or emergency. You must also find out how long it is likely to cover additional living expenses and whether or not your policy will cap you at a certain amount.
By organizing renters insurance as soon as possible, you can end up benefiting from a number of additional factors. As with most insurance policies, the sooner you start shopping around for a policy to suit you, the better. For example, you can save money, you can protect your personal possessions, your landlord may require it, it covers your belongings when you travel, and it can cover additional living expenses.
