This sounds like something skippable, right? (More than half of all renters apparently think so.) After all, you don’t own your place…
Well, the structure is not your problem, but the contents (your personal possessions) very much are. The owner’s insurance covers the structure, but that doesn’t extend to your stuff.
If a thief breaks in and you don’t have renter’s insurance, you can’t be reimbursed for the loss. If a pipe bursts and your stuff gets wet, that’s not the owner’s problem, either. He’s responsible for the damage the pipe does to the walls, carpets, and other parts of the structure, but not for fritzing out your new computer and TV.
Renter’s insurance not only protects your belongings from theft or damage but also provides liability coverage (in case you damage the structure or someone is hurt by something you own) and temporary living expenses if the place becomes uninhabitable.
It will likely come to less than $200 a year, which isn’t much if you need to replace all or part of the thousands of dollars worth of goods that you have. (Jewelry, fancy clothes, TVs, iPhone, iPod, laptop, DVD collection….things add up.) Plus—and, most people don’t know this—renter’s insurance covers your possessions when you take them with you on vacation.
A new twist? There’s now renter’s insurance that covers college dorm rooms.
Sounds not-so-skippable anymore, right?