Before working at PEMCO, I had never heard of renter insurance. I was renting an apartment, but I never bought renter insurance.
It wasn't that I thought it was too expensive, that it was not worth it, or even that it was too much of a hassle to buy. I simply had no idea that it existed.
As it turns out, renter insurance is relatively cheap. I could insure everything I own for less than $200 per year.
And so I lived for three months, uninsured, before my first day as a PEMCO intern. Before my time here, I never really thought about insurance. It was this big dark burden adults had to deal with. Bills came every month, claims were always a hassle, and it was one of those "must do's" like paying the utility bills.
My parents never really talked about insurance with me, it was just part of their checklist of items to complete. But I did know our household had homeowners, drivers, and life insurance. Mom and Dad never went into detail about each of them individually, so I only knew about them on a basic level. Like, homeowners insurance was for in case our house burned down. Right?
Nope, it turns out homeowners insurance covers way more than fire damage. It covers many types of damage, including fire, explosion, burglary, and even burst pipes. It covers your house, furniture, appliances, clothing, and other everyday items.
So, despite insurance being one of my parents' checklist items, it is definitely more complicated than merely paying for the utilities. There are options to choose from: companies, coverages, duration of policies, and deductibles. Money is not the only factor when choosing an insurer. Customer service and company reputation are crucial.
It's important to become educated, even
though insurance might not be the most-exciting purchase. You could learn a lot about what you're covered for, and potentially increase coverage to protect things you need.