When deciding whether to buy or rent, there are many factors to consider, including, but not limited to, job stability, relocation, and relationships. When it comes to financing, costs associated with owning a home include the mortgage payment, property taxes, insurance, utilities, and maintenance \u2013 which, as many people know, can be never ending! And that\u2019s not all. Many millennials graduate from college with thousands of dollars of debt.
\nWith all of those expensive variables, it\u2019s understandable that saving for a down payment isn\u2019t a priority. So many millennials choose to rent.
\nOne important cost that applies to both owners and renters is insurance. Yes, that\u2019s right! Most landlords require this as part of the lease agreement. Even if it\u2019s not in the lease, it\u2019s in your best interest to carry insurance for your personal property, as well as for liability.
\nYou may think you don\u2019t have much to insure, however if you take inventory of everything you own, it adds up quickly. If you had to replace all of your personal property, including clothes, shoes, furniture, electronics, small appliances, sporting equipment, etc., it could certainly cause a significant financial setback. With a renter\u2019s policy, minimum property coverage starts around $30,000 and, if you needed them, you could get higher limits.
\nMost people understand property coverages, however, personal liability, which is a much greater exposure, is often overlooked. Personal liability comes into play if your actions are responsible for someone else\u2019s injury. Here are some examples: You leave a box on your apartment steps and someone trips on it. You\u2019re responsible for snow removal and a passer-by slips on the icy sidewalk. You accidentally hit a child while flying your drone. A friend runs into a post while trying out your new hover-board. If an accident like this occurs and you\u2019re responsible, you\u2019d have to pay for medical treatments, tests, surgeries, prescriptions, plus their time off of work \u2026 all out of your own pocket. It\u2019s frightening! A standard renter\u2019s policy includes personal liability coverage which could help protect you if you\u2019re found negligent and responsible for someone else\u2019s injuries. Minimum liability limits start at $100,000 and can be purchased up to $1million.
\nFinally, what if a fire destroyed your apartment building and you had nowhere to live? The renter\u2019s policy also provides coverage for additional living expenses. This covers any necessary increases in living expenses while you\u2019re displaced because of a covered loss. You may have to stay in a hotel, eat out, board a pet, or incur increased mileage to get to work. These costs would be covered until you\u2019re able to move back into your apartment.
\nA basic renter\u2019s policy is fairly affordable. For as little as $150 a year, you\u2019d have broad protection and peace of mind while you save for that American dream of owning a home!<\/p>\n","protected":false},"excerpt":{"rendered":"
When deciding whether to buy or rent, there are many factors to consider, including, but not limited to, job stability, relocation, and relationships. When it comes to financing, costs associated with owning a home include the mortgage payment, property taxes, insurance, utilities, and maintenance \u2013 which, as many people know, can be never ending! And […]<\/p>\n","protected":false},"author":3,"featured_media":3082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-3102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts\/3102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/comments?post=3102"}],"version-history":[{"count":0,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/posts\/3102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/media\/3082"}],"wp:attachment":[{"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/media?parent=3102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/categories?post=3102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flagshipinsuranceservices.com\/index.php\/wp-json\/wp\/v2\/tags?post=3102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}