Purchasing any type of insurance may not seem like the coolest thing to do when you are living the single life, but it is in your best interest to sign up for it as soon as you can. You never know what the future holds, so it can be refreshing to have a plan that covers you in case something bad happens. Homeowners insurance is very common for families to purchase, but many singles have not jumped on this boat just yet.
Being young and single, you may not think you are ready to take on insurance. This train of thought may not be a good idea because you never know if you will get in trouble or if your home will need repairs. Insurance, even for singles is important to have and here are a few reasons why:
Cheaper when younger
Taking out insurance plans for a family can be an expensive purchase, but it may actually be cheaper for someone who is single. This can be a wise investment if done early, especially if you are considering starting a family over the course of the next few years.
Covers your losses
When you are young, you may not be ready take the plunge into homeownership game just yet. From getting approved for a mortgage to locking down a reasonable interest rate, house hunting can be a daunting process. Many single people are renting their residences as opposed to buying. This can give you the luxury of living in your own residence, but you will still have a landlord. You may think your landlord will be liable for any injuries that occur in the home or reimburse you for stolen property from your rental, but that is not the case.
A landlord may help you make small repairs on your residence, but they are not on the hook for any belongings stolen from your home. This is why renters insurance is be a good thing to pick up. This type of insurance will cover your losses whether you are renting a house, apartment, duplex or townhome. A TV or computer may be your lifeblood as a single person, especially if you telecommute to a job or run your own business, and losing these items could be detrimental to your daily life. It can be a sigh of relief knowing that renters insurance will cover your losses.