You can never have enough money or enough insurance. We live in a world full of risks. Disaster strikes at the most inopportune times. My sister in law just had a major disaster at her apartment. She didn't have renter's insurance, but she wishes she did.
The sprinkler system and my sister in law's apartment malfunctioned flooding her apartment. She's trying to salvage what she can. However, it's not clear how much of the electronics (large LCD TV, Wii, etc) will still work. It's also unclear how much of her property (if any) will be replaced by the landlord.
My sister in law just went through a divorce. She was just getting up and running in a new place when disaster struck. All of her Christmas presents, her personal and financial documents and much of her electronics appear to be damaged. She had also just brought back her baby pictures from her parent's house.
While renter's insurance can replace things like photographs, it can replace most of the property damaged in a disaster. Renter's insurance may also help you with other expenses. My sister in law has to stay in a hotel while her apartment is repaired. Renter's insurance may cover some of these expenses.
My sister in law's land lord is paying for the hotel. However, it's still not known how much of her property they will replace. So my sister in law is left with a lot of uncertainty and no place to call home for the time being.
If you have renter's insurance, you can at least count on getting your possessions replaced. My sister in law is a nurse and so she has several uniforms. Replacing all of your clothing can be an expensive proposition.
It's tempting to think that a renter does not have much property so there's no need to worry about it. However, just the basics like clothing, furniture, cookware, microwaves, hairdryers, computers, etc can set you back several thousand dollars. How many people have that kind of money laying around?
Disasters seem to strike at the worst times. It's always when we are broke or extremly busy. While insurance can't fix everything, it can make life easier. Having the piece of mind knowing that your posessions will be replaced can make all the difference.
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