After school, I ended up moving to Montreal where I had landed a job and as a recent graduate with limited funds, I ended up renting an apartment and after a few months of living there, my grandfather asked me if I had renters insurance. I didn’t and actually did not feel it was necessary or even that useful. The building owner was going to have building insurance in case something major happened. I mean what could I possibly have to replace if a fire occurred or a thief came into my place? Then I started actually thinking about it:
-My computer and printer
-furniture including appliances
It adds up very quickly.. just think about it. How much would it take to replace those things? It adds up very quickly and could go into the $5000-$10,000. Is it unlikely? Absolutely. Which is exactly why it’s a fairly cheap insurance to buy. Just think about having to buy back for $10,000 worth of material, renewing your clothes and everything else? Then there’s also the possibility of having someone getting injured in your place.
It’s Just Not That Expensive
If you think about it, spending a few dollars per month to protect everything in your home certainly seems like a smart protection, don’t you think?
Other Things To Do
Having insurance is an important first step but it’s also very helpful if you can have receipts and/or proof of what you own. One great way is to do a video tour of your house. Also, be sure to keep as many of your receipts electronically (in the clouds ideally) to avoid being caught if a fire strikes for example. I’ve heard of some people that keep all receipts but when they needed them to get reimbursed after a fire, all of that info had also been burned and became unusable. Don’t make the same mistake.