Alright, so, let’s say it is that time of the month when you have to check how much you spent last month, and then just scrolling through all the transactions, you see something like AGI Renters Condo INS” and it just sticks out like a weird transaction which you don’t recognize at all. What then? Well, first of all, don’t panic just yet, it is most likely a charge for renters insurance. Wait, what’s that? Well, for those who don’t know yet, this is the kind of insurance that helps protect your stuff and covers you if something goes wrong, so it is most likely just that.
In this particular case though, with this “AGI Renters Condo INS” specific label, it actually seems to be linked to a company called Assurant, and sometimes it’s sold through Geico. Just know that for now. Nothing sketchy, fishy or mysterious here, it is all just normal, so don’t need to panic.
Why Should I Even Care About This Charge?
Straight up, yes, good question! Like, if you’re renting a condo, renters insurance is actually an important thing, you know like, it protects your personal stuff, for example, your laptop, clothes, furniture, like, if they get stolen or damaged by something unexpected, like a fire. So yes, in a way, it is an important thing, and the charge you’re seeing on your credit card statement is likely regarding just that. Though, you see, often a lot of people don’t get that in most cases, the landlord’s insurance doesn’t cover their personal belongings, and that’s precisely why a thing like renters insurance exists, and now you have a good idea of why it is super important too.
And then, in most cases, people just forget about this charge or like they ever made such a decision, and then when they see this charge on their credit card statement, they just freak out and think it is some scam or something fishy going on. This is actually not the case, and you know it now.
How Does This Insurance Thing Work?
See, it is true that getting renters insurance is easy, and that’s why a lot of people just forget about it like they never bought it. For example, if you sign up through a company like Assurant (or Geico, if you got it through them), then, just pay a small amount monthly or yearly, and if something bad happens, you file a claim. Then what? Simple, if your claim gets approved, you get compensated for whatever your damage was when you submitted the claim. And then, the insurance company has to take care of the rest by law. And sure enough, that “AGI Renters Condo INS” charge is just the payment for this policy, showing up on your bank or credit card statement, that’s all, nothing to worry about here.
And see, there is something to note here, if you still don’t recognize this charge because you never signed up for such a policy, we’d straight up suggest you just let your bank and credit card company know and let them do their thing.
