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Why People Can Afford Renters Insurance
By Mike Heuer


When it comes to purchasing renters insurance, only about 35 percent of renters actually wind up carrying the coverage that is very affordable. The primary reason most people choose to go without renters insurance coverage is they don’t think they can afford it, and that excuse so often winds up being completely baseless.

Renters insurance costs an average of $16 per month, which is much less than people spend on other items that they either don’t need or could cut back on. For example, people who drink coffee spend an average of $80 per month, much of it spent at expensive gourmet coffee shops. Skipping a couple lattes per month easily could cover the cost of renters insurance.

Those who work also have a tendency to purchase their lunches instead of packing one for work to the cost of about $148 per month. That’s a lot of money for food that could be brought in. Just skipping a couple lunches out could save more than enough to pay for the average cost of renters insurance plans. A simple reduction of about 11 percent in work lunch expenditures easily would pay for the price of buying renters insurance and paying the monthly premiums.

People also pay about $380 per year on tobacco products, although that amount varies greatly. Not only would cutting back or better yet, quitting smoking altogether, result in a significant improvement in health, it would save an average of $32 per month spent on tobacco products. And smoking is one of the primary causes of heart disease, lung disease and other ailments.

Renters Insurance VS. Other Monthly Costs

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Even when able to afford renters insurance, many people make the mistake of thinking the coverage just won’t do them any good it they decide to buy it. But that is yet another false perception. Almost all renters between ages 18 and 24 and those who are age 65 and over who had renters insurance wound up filing a claim. Many younger people wind up living in either student ghettos where crime and damage can be very common, and many elderly people also are victimized by either theft or suffer mishaps resulting in damage to their property.

The bottom line for most renters is, renters insurance is very affordable and very necessary. Events beyond their control can result in financial losses that largely could be covered by renters insurance, such as a neighbor starting a fire that burns down the building or a natural disaster that forces an evacuation and might cause a total loss.

Mike Heuer is a former insurance producer in Nevada with expertise in Property & Casualty and Life and Health insurance. He also is a former newspaper reporter with 20 years’ experience in print media.