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It’s that time of year again. Parents are loading up their 18 year olds across the country with all their stuff from their childhood bedroom that probably hasn’t seen daylight in ages dropping them off at college. Whether it be the brand new tv you got as a graduation gift or the hand me down sofa that Grandma gave you, all that stuff packed into your little SUV could add up to a small fortune. The big question this time of year is whether it’s worth it to get renter’s insurance

What Is Renter’s Insurance?

This insurance would be responsible for coverage damage to furniture, electrics, dare I say that $350 lab book you just spent a pretty penny on, and much more. It is going to coverage your belongings. It will also provide coverage in the event that someone else or their property is damaged and sues you.  It wouldn’t not cover the building since you do not own it.

Renter’s Insurance Cost

Buying renter’s insurance is ridiculously affordable. Sometimes when I hear people don’t have it, I’m shocked. Depending on high your limit is it could start anywhere around $10 a month. That’s one less pizza, but hey, if something were to happen, that $10 a month could amount to much more.

Consider It Even If you Don’t Have Much Stuff

Renter’s insurance is still important regardless of if you have nothing or thousands upon thousands of dollars in belongings due to the liability component. Also, chances are your personal property is worth more than you probably realize.

Understand What You’re Buying

You can insure your things one of two way: replacement cost or actual cash value (ACV). ACV is going to pay you the market value. If you have grandma’s 15 year old couch, they’ll pay to replace a 15 year old couch. If you have your belongs insured at replacement cost, they’ll pay the average cost for a brand new couch like the one that was destroyed.

Coverage Usually Included You Probably Don’t Know

Renter’s insurance can be more than just liability and coverage for your belongs. Most policies will normally cover living expenses if you have to temporarily relocate. That includes increase rent if you have to go somewhere else. Some policies will even have spoilage coverage that’s useful when your power goes out and all the food in your refrigerator spoils.

Renter’s insurance is easy and affordable to buy, not to mention, it is a bill you can set up in your name that can start setting payment history on credit statement. If you have questions regarding Oklahoma City renters insurance, ECI is always here.


Avery Johnson
Contact Avery Moore
Call: (405) 373-2977


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