If you’re a millennial living in one of these increasingly expensive cities — New York City, San Francisco, Chicago — chances are rent alone eats up more than half of your income. Heck, even if you don’t live in one of these cities, you’re still probably experiencing a high cost of living. Then you have to think about paying your bills on time, spending money on groceries…oh, and enjoying life just a little bit too.
After all of that is settled and done, I bet the last thing you want to do is make room for another line item in your budget. But guess what, by not including it you may have just cost yourself a sizable chunk of debt, not to mention heartache, in the future.
Opting out of renter’s insurance is probably the worst way to save money
What am I talking about? I’m talking about renters insurance. It’s one of the lesser known insurance products that can have a big impact on your life if you choose to opt-out. There are a number of great ways to save money (like staycations and garage sales), but cutting out renter’s insurance is not one of them.
It’s cheaper than you think, so don’t become another statistic
According to a 2015 Insurance Information Institute poll, “only 40 percent [of renters] said they had renters insurance.” That means more than half of renters in the United States are without insurance. The crazy thing is, renter’s insurance is actually more affordable than you may think.
If you were to guess right now, how much would you say it would cost to have renter’s insurance each month? $100? $200? What if I told you that renter’s insurance from Progressive starts at $11/month? You probably already spent that on lunch today.
You’ll never regret having a plan if the unexpected happens
Most of us don’t think that our place could be broken into, our stuff could be stolen, or worse, our apartment building could go up in flames. That’s something that’s on the news, not something that could ever happen to us, right? Wrong. Those things that happen on the news, they happen to people like you and me. And I’m sure most of those people are either counting their lucky stars that they got renter’s insurance, or are kicking themselves for not having a better plan.
Now go roll it into your budget
Your budget may already seem tight, but there’s always room for something as important as renter’s insurance. It could save you thousands of dollars in the long run, so get a quote and figure out how to integrate it into your budget. It may be as simple as cutting down on takeout coffee or quitting that gym membership you’ve never used. No matter what you’ve got to do to make it work, one thing’s for sure, it’ll probably be one of the smartest things you’ll do all day.