Is Renters Insurance Beneficial For Low Income Families?
The majority of renters in the United States are lower income families that do not possess the capital or the credit to acquire a home loan
. Because most of these families struggle to pay their existing bills, they do not consider things such as renter's insurance. Unfortunately, many low income families also lack the knowledge of good financial planning and management. Some may assume that because they don't have much to protect, insurance would be a waste of money. With financial security as the goal for struggling families, there are many things to consider, including insurance.
The first thing to consider is priorities. Is financial security truly a gift you want to give your children? If it is, lesser important expenses may have to be eliminated. There are many things that low income families spend money on that are frivolous and hinder them from achieving long term financial security. One of the biggest and most destructive drains on many families is cigarettes. Purchasing two packages of cigarettes per day for an entire month adds up to around $300, not to mention the eventual health care bills associated with cigarette smoke. Other impractical expenses for struggling families who want to achieve financial security are alcohol, cable or dish TV, fast food, convenience food, salon treatments for hair and nails, recreational vehicles as well as a menagerie of other income-draining activities. Future security may depend on present sacrifice.
The second thing for struggling families to consider is implementing and sticking to a budget. A budget is a super tool for the financially wise. Once a family has a clear picture of their expenses and budget, renter's insurance is the next thing to consider. All that a family has worked hard for by making cuts in their spending may be lost instantly due to theft, fire, flood or natural disaster. Even if a family has not spent much on personal possessions, the thought of replacing everything at one time can be overwhelming and crippling. Adding up all that would have to be purchased at one time can be a sobering reminder of the importance of renter's insurance.
Once you are ready to purchase renters insurance, it is time to do your homework. Do not just purchase from the first company that you find. Look online, look in the phone book, ask around, or check with web reviews and professional blogs about insurance. Insurance agents are generally more than happy to ask any question you may have. No question is too dumb. Agents are there to answer your questions and are usually experts in explaining things in simple, easy to understand terms. Once you are familiar with the terms and rates, call around or check on websites to find the best renters insurance policy for you and your family.
After the issue of insurance has been addressed, families may then focus on allotting for savings and investments in their budget. Savings and investments are both great ways to insure a more secure financial future.
by: Casey Trillbar
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