“I have nothing of value.”
“That is just another expense that I can not afford.”
“How likely is it that anything negative will truly occur?”
That is the version of myself I wish I could go back and change.
The Alarm
Reality struck only when I moved into my third flat, a small studio with mismatched furniture and a window that hardly closed. A pipe burst in the apartment above mine one summer evening when I was attending a wedding out of town. My laptop, mattress, and a pile of books I had been collecting for years were all destroyed when water seeped through the ceiling. My place had the appearance of a shipwreck.
The worst part was that my landlord’s insurance only covered the building, not my belongings.
I missed freelance deadlines because I did not have a laptop. Without a mattress, you would have to spend weeks sleeping on a friend’s couch. I was forced to pay for everything out of pocket because I did not have renters insurance.
The entire loss? More than $3,000.
At the time, renters insurance cost about $12 a month.
The Myth of “I Don’t Own Anything Valuable”
In your 20s, it’s tempting to assume your belongings aren’t worth much. However, everything adds up: books, clothes, shoes, kitchenware, furniture, phones, laptops, and so on. Would you be able to replace everything tomorrow?
In addition to covering your belongings, most renters insurance policies also cover liability (in the event that someone is wounded at your place), temporary housing (in the event that your flat becomes uninhabitable), and even theft that occurs outside of your home (such as a stolen laptop at a coffee shop).
It is protection that extends much beyond your physical boundaries.
Why It is Valuable (Even If You Do not Think It Is)
I wish someone had told me this:
The cost of renters insurance is absurdly low. We are discussing a few lattes every month.
To lose a lot, you need not need much. A lousy day might become a financial catastrophe.
It is about peace of mind, not simply your belongings. You can concentrate on living your life, not “what-ifs,” knowing that you are covered.
The lesson: Take Note of My Error
I had previously believed that renters insurance was optional. “Nice to have” Something for those who own high-end items.
However, in retrospect, missing it was an emotional as well as a financial error. The $12 I believed I was saving was not worth the worry, the rushing, the remorse.Do not make the same mistake I did if you are renting in your 20s. Renters insurance is about providing a safety net for unexpected events in life, not about preparing for the worst. since it will.
