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Should I Get Renters Insurance?

Most Readers Think Renters Insurance Is Worth the Money

It seems that most readers want to protect their homes and 76 percent of you purchase renters insurance, which costs $15 to $30 on average. There is still a minority of 17 percent who don't think renters insurance is worth the cost. Here's what some of you had to say:

  • "In various apartments I had both had and not had renter's insurance, but it was never something that I made sure to have (one building I lived in required it). Then last September, the apartment my boyfriend and I were in had an electrical fire. We were extremely lucky (one closed door essentially saved our entire apartment), but our unit was condemned and we were forced to move out in a matter of days. Our losses from the fire were about $1500, not to mention the extra expense of packing, moving, dry cleaning (from the smoke damage), etc. When we moved after the fire, the low cost of renter's insurance broke our hearts. $14 a month would have saved us a lot of heartbreak and money last September. My advice to every renter: GET IT. It is worth the peace of mind. Even if you don't think anything will happen, it could, and we had to learn that lesson the hard way." —
  • "As soon as I moved out of the dorms I made sure to purchase renter's insurance. It's so cheap! For $40,000 worth of coverage I pay $164 a year, $500 deductible. That's it. Not only does it cover theft and damage to personal items within the home, it also covers theft from my vehicle, bicycle theft, and theft of personal items from my office. It's really a no-brainer." —
  • "I have it. About $9 per month (I get a discount since it's the same company as my auto insurance), and if anything should happen I'm covered. I hope I'll never need to use it, but it's a low cost for the extra peace of mind." —
Source: Thinkstock
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