I spent $1,100 on a new laptop when it was stolen from my apartment, but I could have saved $600 if I'd had renters insurance

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The author is not pictured.

• Before college, I had no idea renters insurance existed; I learned about it from a fellow student whose apartment caught fire.
• Even though renters insurance sounded great, I didn't get a policy. And soon after, some of my belongings were stolen.
• I now pay $19 per month for a policy, and it gives me peace of mind.
• Get your own renters insurance quote today from Policygenius »

In college, I remember meeting a fellow student in my journalism class who had recently come home to learn her apartment was on fire. In just a few short hours, she lost nearly everything.

I know it sounds naive, but up until that point my 19-year-old self hadn't considered that something could go so unexpectedly, terribly wrong.

I asked her what she was going to do, and she replied, coolly, "It'll be fine. We have renters insurance. I'm just glad we got the photos and the letters."

My mind was blown. I went home and researched this novel concept and learned that there was such a thing as peace of mind in the form of renters insurance. It filled me with great ease knowing that, with the exception of nostalgic items my classmate was lucky enough to salvage, renters insurance is there to help people when they have to rebuild from the ground up. Or even in less extreme cases, such as theft, vandalism, and minor damage.

But did I get renters insurance after that? No. And guess what happened?

My skis were stolen out of my car. And then, a year later, someone threw a rock through my window and stole my laptop. Both of these incidents could have been covered with about a $500 deductible under a standard renters insurance policy that includes personal property coverage. But was I prepared? No!

My new laptop cost me about $1,100 in the end. In hindsight, that was a potential savings of $600 that I didn't have access to, simply because I was not insured.

Find out how much renters insurance would cost you with a quote from Policygenius »

Believe it or not, it wasn't until about two or three years later, when my then-partner and I got our first apartment, that I signed up for my first renters insurance policy. I chose the easiest policy I could find, a $19 per month plan through Assurant. My coverages are:

• Personal Property: $20,000
• Personal Liability: $100,000
• Medical Payments: $1,000
• Loss of Use: $4,000

As much as I wish I could say I was motivated to think big-picture and get renters insurance because of my own wisdom, I changed my ways simply because my landlord required it. Good thing, because renters insurance protects both tenants and the owners of the property.

It's been six years since then, and - go figure - I haven't had to file a claim. Nevertheless, my $19 per month renters insurance brings me peace of mind and I'm glad I finally came around.

Ready to purchase renters insurance? Get a quote from Policygenius »

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