Do you have homeowners or renters insurance

1) Do you have homeowners or renters insurance? Why or why not? Review the chart 10.1 on pages 336 and 337 (they are attached). Share something interesting you discovered. If you do not have homeowners or renters coverage, how will you replace your items if destroyed in a loss, like a fire?

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I live with my parents, so am not carrying my own insurance for my living situation. But I am aware there are different bundles and coverages available to people. And like car insurance there are different levels of deductible and coverages. I know that we get a good deal on insurance, because we are able to get USAA, which is for military members and their dependents. My granddad was a Lieutenant Commander in the Navy, that’s how we qualify. It is significantly cheaper than other companies.

My parents make sure we have the full replacement coverage. This means if our home was destroyed in a fire or other means, the insurance would cover replacing our home at an estimated value in todays market, not purchase price. We also have additional protections for jewelry and collectibles. If my belonging were to be damaged, our insurance would cover my losses, after our $500 deductible. The more costly and hardest to replace for me would be my shoe collection and a few sports memorabilia that hold monetary value. The other side of home owner’s insurance is to protect ourselves. If someone hurts themselves at our home, we can be liable for their medical bills. My parents friend recently had a very bad fall at her father’s home, but luckily his insurance is covering anything her insurance does not, plus her time missed from work due to injuries.

I know insurance is critical to carry on your home and car. I also know a lot of renters do not carry insurance. I think this is because many renters are just trying to make ends meet, so they see the extra cost, even as low as $40 month, as extra. But like all insurance, it seems extra, until you need it. When I do rent someday, I plan to have insurance. You have people sharing walls and floors with you, so the risk of water and fire damage from another unit, not just your own, is high. I would not have the fund to replace things, should damage occur. I also would not want to be liable for someone else’s incurred injury or damage.

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