I was recently reminded of an article I wrote with the same title as the title of this post, for the defunct Jewish blog, Jewneric, back in 2008. I was married for a little over a year and renting an apartment in Manhattan at the time. While I have been a homeowner for 11 years now, my advice to anyone renting an apartment, young or young at heart, I would still double down on this advice.
Here’s the article, written by me in my mid-20’s with some sage wisdom:
Here’s a bit of a follow up:
Our insurance company at the time assessed that it was likely our Shabbat candles that did the damage, combined with our water-resistant table cloth, which happens to be highly flammable (we had no idea – we were young and still learning). The great news was that we were cut a check for 90% of our total policy. That allowed us to replace destroyed items, but it also allowed us to bank a decent chunk of change that inevitably allowed us to put a downpayment on our first home 2 years later.
Do your research, and see which companies offer the best plans for you. Companies like Lemonade, Allstate, StateFarm, Progressive, Liberty Mutual, and others are great places to start.