The Benefits of Insurance

As someone who cares about their financial situation, which all Narrow Bridge readers surely are, you probably care about your stuff too. As a stuff owner, it is important to have stuff insurance.

If you are a twenty-something renter like me, you do not own a home or have considerable assets. However, if you add up the value of your TV and electronics, DVD collection, laptop, shoes (for the girls), and other odds and ends, you probably have a lot of value in your house/apartment. How should you protect your stuff? Renters insurance.

Renters insurance is fairly cheap (most plans are about $20 a month). Considering the price of replacement in case of a break in or fire, this is a small price to pay. Make sure to take pictures of everything you own so it can be quickly and easily replaced.

If you have a car, insurance is probably required by law. This insurance will protect your car, other cars, and anyone in those cars in the event of an accident or vandalism. My car was vandalised this week (and inspired this post). The cost of repairs was over $3000. My deductible (the part I have to pay) was $250. Either way it sucked. However, I was protected for all costs over my deductible. This coverage costs more, and will depend on age, gender, where you live, and the car you drive. As a 23 year old male in Colorado with a nice, new car, I pay about $120 per month. This is a small price to pay for the big “what ifs” on the road.

If you own a home, you are generally required by the lending bank to have insurance. So, your homework today is to get renters insurance if you do not already have it.
P.S. That is not my car
Image by Tommy and Georgie.

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