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Is Renters Insurance Worth It?

Do You Have Renters Insurance?

Although I've never had anything happen to me in my home that would warrant using my renters insurance (knock on wood), I think that my low-cost investment is quite valuable. If disaster strikes, my possessions will be protected, which the landlords insurance won't cover.

The average renters insurance costs between $15 and $30 monthly, according to the National Association of Insurance Commissioners. Compare that with the costly possibility of having to replace your damaged priceless possessions. Being insured covers a wide range of items, from electronics to jewelry to clothing.

I'm wondering — do you have renters insurance?

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RoaringSilence RoaringSilence 5 years
I don't really need it. I barely have anything worth any money.
secondstar secondstar 5 years
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.
anonymoushippopotamus anonymoushippopotamus 5 years
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.
rach1007 rach1007 5 years
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.
amber512 amber512 5 years
I think it's a necessity...and yet I've rented for years and have never had it. But I'm looking at houses soon and then definitely insurance.
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