In this difficult economy and as we approach a new year, it makes sense to review your household budget to see which expenses you might be able to cut.
If you have a renter's insurance policy that's up for renewal, you might be tempted just to let it lapse in an effort to save money. Assuming you haven't suffered a loss, it may seem like the premiums you've been paying each month have been a waste, and you may feel as if the better option is to have that money earn interest in your bank account or use it to help pay for your many other living expenses.
But renter's insurance isn't something you should be quick to cut. Here's how you can justify keeping your policy, even -- and especially -- during tough times.
Comments
I personally think renter’s insurance is a waste of time and money but that’s just me. I’ve lived in numerous apartments in numerous cities for over 8 years and never once have I been in a situation where renter’s insurance would come in handy. My suggestion is to not rent more apartment than you need and to do a little research on average rental rates for the area in which you will be moving to assure you don’t pay over that amount – hiring an apartment locator is good for this as they seek out the best rent deals free of charge. Another great tool to use for researching your next apartment move is Rent-O-Meter which can be used for free at ApartmentNinjas.com – http://www.apartmentninjas.com/rent-o-meter.html. Take the things stated above into consideration the next time you’re in the market for a new apartment or rental home and you will always live within your means, rendering renter’s insurance useless…you will be more than prepared financially to handle anything if something happens, which 9 times out of 10 won’t happen. In a nutshell, renters don’t own a lot of super expensive things that need to be insured anyways, and if they do, what are the odds of them being stolen or destroyed? Not good…