After we’ve paid the security deposit, the first month’s rent and put in the order for a new sofa and coffee table, imagining having to pay for much else outside of groceries is a nightmare. Then throw in the prospect of miscellaneous bills – such as renters insurance – and we’re ready to throw our hands up in the air.
But when we’ve furnished our living space and made our home ours, doesn’t it only make sense that we protect it? After all, our furnishings have now become an investment. To find the best renters insurance the insurance world has to offer, allow CoverHound to give you a helping hand.
Renters Insurance is How Much?
If there’s something we don’t want to buy, we’re quick to say we can’t afford it. For 60 percent of renters, renters insurance was on the “cannot afford” list. One of the first things we’re willing to go without after we move out of our parents’ place is the cable. We’ll just watch Netflix instead, no big deal. We’ll make the switch at the grocery store from brand to off-brand cereal; there’s not really a taste difference anyway.
But when it comes to furnishing the apartment, no price is too high. In some instances, such as with ordering the sofa, we’ll raise the budget. If we’re going to spend the money anyway, it might as well be for a nice couch. If we’re willing to spend more to fill our home with expensive furnishings, why aren’t we more willing to invest in their protection?
The problem is we falsely believe that renters insurance is an expensive investment, when it really isn’t. As of 2013, the Insurance Information Institute (III) has found that the average annual cost of renters insurance is $188. After dividing this number by 12, the cost of renters insurance per month comes to just under $16 a month. Per week, this comes to $2.28. Renters insurance literally costs less than a couple quarters a day (the exact number is .32).
What else is as inexpensive as a week’s worth of renters insurance? Let’s find out:
So far in looking at some pantry staples and Friday night fun, there is nothing less expensive than renters insurance. If you’re someone who has the funds to go out every weekend or to get coffee at Starbucks each morning, you can more than afford the $16 average of renters insurance. Plus, should anything happen to your new sofa or coffee table, that $16 a month could pay you back thousands of dollars – not a bad trade off.
If we don’t immediately recognize the value of a service or product, we’re quick to go without it. When it comes to renters insurance though, we know better. Get the best renters insurance coverage quotes today with CoverHound.