The Importance of Renter’s Insurance with Colin Becker
The Importance of Renter’s Insurance with Colin Becker
Part of getting a financial plan done, especially one through The Financial Gym is identifying risk factors to your financial health. One of the solutions for mitigating financial risks is insurance, whether it is life insurance, car insurance, or renter’s insurance.
Today’s episode, with podcast friend and listener, Colin, is the perfect cautionary tale as to the importance of renter’s insurance. Renter’s insurance is something that not enough people consider, but for the value of what it covers should make sense in your monthly budget.
What are we drinking?
Colin - Big K Cherry Cola
Shannon - Black Cherry Schweppes
Podcast Notes
Tonya used to be Colin’s boss and they are good friends now. During work one day, she mentioned she was on a podcast, and Colin wanted to support her. He started listening to Happy Hour and was addicted right away.
Colin got a shout out on the show and he created a video and shared it on the Martinis and Your Money Facebook page.
On October 5, 2014, a week or two after graduating college, Colin drove home to his hometown in Ohio to see his parents. At the time, he was living in Pittsburgh, Pennsylvania. As he was driving to spend time with a friend, his roommate called him and told Colin that their house was on fire.
Colin turned around and went back to his parents house and told his parents. He was two and a half hours away from home, and he and his parents jumped in a car and drove straight to Pittsburgh.
When Colin arrived, his roommates were just allowed back into the house. Inside, it looked like a bomb went off. Everything was charred and there was debris everywhere.
Colin’s bedroom was the entry point for the firefighters and the wall and window was smashed and it was destroyed with water damage. They found out later that the neighbor’s electrical box caught their house on fire.
Colin and his roommates didn’t have renter’s insurance. Financial Trainers at The Gym are big supporters of renter’s insurance, because it is only about $10 to $12 a month. Without it, it is very expensive to replace what you lose in a fire.
If you buy renter’s insurance every month for 10 years, it will cost you $1,200. Just your clothes or laptop are worth more than that. You never think it is going to happen to you.
Renter’s insurance also covers losses outside of your home, like theft. Policy Genius is a great place to start.
Colin and his roommates lost all of their beds, clothes, laptops, TVs, everything. They were broke college kids and didn’t have emergency funds. Colin realized at that point he needed to start saving.
The community was a huge help. They bought the necessities new again, like laptops and clothing. Red Cross gave them each $100 gift cards and they had specific amounts they could spend in each area, like $10 on shoes. Red Cross also put them up in a hotel for two nights (renter’s insurance also covers this).
Friends set up a GoFundMe page for them and they were able to get a lot of hand-me-downs.
Renter’s insurance and emergency funds are so important when things like this happen. In addition, most people want to help and if you need it, post it on your Facebook page. Social media can be a huge support for connecting people.
Shannon’s wings: Season your wings and put them in the air fryer at 400 degrees for 10 minutes on one side, flip, and 10 minutes on the other side. Add sauce afterwards. You can do this with chicken legs too.
Shannon’s salmon: Brush the salmon with olive oil, salt, and pepper and put in the air fryer at 350 degrees for 8 minutes.
After the fire, their landlord gave them reduced rent on apartment in a building next door that she owned. One day, Colin looked out his window and he saw their old place on fire again. Colin grabbed laptops and keys and ran out of the building, but he felt like he was experiencing it again. It was caused by a cigarette butt landing on the roof of his old building.
There is a whole part of the saving process at The Gym that revolves around risk management, and it includes life insurance, health insurance, and disability insurance.
Pet insurance is another risk management option for pet owners. Shannon recommends this especially for people who have large pets. Many clients have Care Credit, which is a payment plan for pets, and in some cases for pets that are no longer alive.
Check out policygenius.com to shop for different types of insurance.
Takeaway: Sometimes when our budgets seem tight, it’s hard to think about adding an additional expense like renter’s insurance; however, if you can afford it in your budget, it can truly potentially save you a significant amount if, heaven forbid, you should ever need to use it.
Random Three Questions
What is something you binged during the pandemic?
If this is your last meal on earth, what would you eat?
If you were to win a million dollars, what would you do with it?
Connect with Colin
Instagram: @iwillbecolinyou
YouTube: youtube.com/beckercolin
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me to Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
2020 was a challenging year, and if money was one of those challenges for you, please don’t let 2021 be more of the same. Despite a global pandemic, we witnessed Financial Gym clients achieve amazing goals all year long. We’ve worked with over 6,000 clients at this point and we’ve literally seen it all and would love to help you achieve your financial dreams in 2021. So head over to, or send friends to, financialgym.com to get set up today.