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I was reading a blog post yesterday by Jim Chalmers of Chalmers Insurance Group here in Portland and thought the point he was making was too good not to share. Jim was discussing the necessity for Renters’ Insurance.

Many recent grads and first-time renters often over-look this insurance policy, even though it usually costs less than a hundred dollars a year. In fact, as Jim points out, recent grads always accepts benefits from our employers — from 401k, life insurance, health insurance, disability — and of course the financing and insurance for our cars but he goes on to explain that,

The most over looked part of establishing a well balanced personal financial plan is liability protection for those unknowns and accidents.

That’s where Renter’s Insurance comes in. What is renter’s insurance? A Renter’s Insurance policy provides a limit of liability coverage and personal property coverage. Most importantly, your insurance company has the duty to defend you — by providing an attorney and paying for your defense — if you’re responsible for any damage to your apartment or the building as a whole.

For instance, if you cause a fire in your building and are responsible to pay back the building owner for damages to the property and for injuries suffered to individuals, your wages can be garnished until those people are made whole again. Imagine being 35 years old and your wages are still being garnished because of a fire you accidentally started when you were 23.

For a small premium paid each year (again, usually under $100 and available as part of your auto insurance policy from the same companies), a personal liability insurance policy like Renters’ Insurance is well worth it!

source “Renter’s Insurance: Valuable peace of mind” [MaineBusiness.com]

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