Renters Insurance: I'm buying it for the first time - are you experienced?

[lzbthc82]

We have replacement cost insurance through USAA. $20,000 worth of coverage and I think it comes to about $20 a year. Why not? They also have jewelry and computer insurance.

[SweetBabyGirl]

I have renters insurance with the boyfriend on our car ins... After the 3rd or 4th apt fire around here Im happy we have it... I know its for like 25,000 thats about it... Doesnt cost that much and its a good idea =)

[ICvegan]

Originally Posted by littlelou

This topic comes up often and I really can't understand why anyone wouldn't have renters insurance.

My stuff all added up together would not equal the cost of paying for renter's insurance. I live simply and buy nearly everything used at garage sales, goodwill (nearly all of my clothes...under $3 each), thrift stores (refrigerator, $30) or craigslist (washing machine $40) and participate in my local free-cycle. Oh, and I dumpster dive. My computer is my only expensive item and considering that I nearly always take it with me when I leave the house, I'm not going to worry about it. There is no price to be put on my dogs, so no point.

Some people don't have renter's insurance because they really and truly don't need it.

[pcbKale]

Oh to buy or not to buy, to rent or not to rent... the age old questions! There's a good article here - » Do You Need Renter’s Insurance? that gives you tips on when to know the answers to those questions. Hope that helps anyone out who's still looking!

[DowntownVentura]

Originally Posted by ICvegan

My stuff all added up together would not equal the cost of paying for renter's insurance. I live simply and buy nearly everything used at garage sales, goodwill (nearly all of my clothes...under $3 each), thrift stores (refrigerator, $30) or craigslist (washing machine $40) and participate in my local free-cycle. Oh, and I dumpster dive. My computer is my only expensive item and considering that I nearly always take it with me when I leave the house, I'm not going to worry about it. There is no price to be put on my dogs, so no point.

Some people don't have renter's insurance because they really and truly don't need it.

Lots of places require tenants to get rental insurance. Here are a few reasons:
1. It provides liability insurance.
2. It provides coverage if you cause damage to the unit or other units (as an example, you accidentally burn the whole building down.
3. It may provide relocating and alternative living expenses should someone else burn down your unit or your unit is otherwise inhabitable.