Okay, random thought popped into my head today—say you wake up tomorrow and your apartment's flooded (pipe burst, neighbor's bathtub overflowed, whatever). Do you know exactly what your insurance covers and how much you'd have to pay out of pocket? Honestly, I realized I have no clue...
"Honestly, I realized I have no clue..."
You're definitely not alone there, but honestly, insurance isn't always the lifesaver people think it is. Last year my neighbor's dishwasher flooded half our floor, and even though we had coverage, the deductible was so high it barely mattered. Plus, insurance companies love finding loopholes to avoid paying out. Better off keeping a small emergency fund handy than relying entirely on insurance to bail you out...
Had a similar issue when my upstairs neighbor's tub overflowed—insurance was a nightmare. Took weeks of back-and-forth, and in the end, I still paid most repairs myself. Learned real quick to stash some cash aside just in case...
