Homeowners Insurance if you don't have a home
It seems contradictory why would anyone who doesn't own property need homeowners insurance? Though the name is deceiving, home insurance isn't just for those who own property.
Perhaps you're fresh out of college, leaving residence housing and moving into your first apartment. You don't have a lot, but you want to protect what's yours. Or, perhaps you just got a new job and decided to upgrade. Your old second-hand furniture has been replaced with a brand new set, and you finally got a flat screen TV. Now that your possessions are worth something, you're afraid of losing them.
Even if you don't own your home, it's still your home; it's the place you crash after a long day, your pictures are plastered on the walls, your friends crash on the couch. If you want to protect your home or at least the contents inside of it you need a special type of home insurance called renters insurance.
If your apartment building catches on fire and you're not insured, you will lose everything. Your furniture, your appliances, your clothes, jewelry, DVDs and books. Not only are you out of a home, you've lost everything you own. And unless you have renters insurance, there's not a whole lot you can do about it.
There are all sorts of reasons people opt out of this type of homeowners insurance. It could be as simple as not knowing it exists. It might be because they mistakenly believe they are covered under their landlord's insurance. They might think it is too expensive. Or, perhaps it's a classic case of "it can't happen to me."
The problem is, it can happen to anyone. And when you think about it, if you live in a building with dozens, or even hundreds of tenants, the chances aren't so low that something will go wrong. Attaining quality renters insurance isn't difficult, and it isn't as expensive as many people believe. If you already have car insurance, your provider may even give you a discount on a home insurance policy. Even if that doesn't apply to you, most renters insurance plans only cost $100 to $300 each year a small price to pay for the peace of mind that comes with knowing your belongings are protected.