Before you get your renter's insurance policy, be sure to do an accurate accounting of your possessions ["Why Renters Insurance Is Worth Its (Low) Cost," usnews.com]. Many people greatly underestimate what they own. Electronics and furniture are the obvious big-ticket items, but music, movies, video games, computer software, books, and clothes tend to add up a lot faster than most people realize. Also, be sure to document your possessions. Take photographs, video, or whatever and store the footage somewhere else, so you can prove you own what you say you own.
Comment by Anthony of MA
Having insurance also gives a tenant an advocate if the landlord or landlord's insurer claims that the tenant was responsible for the fire, flood, or whatever. Many landlords don't maintain household systems properly, resulting in leaks, electrical fires, etc. And your insurer will investigate the situation much more thoroughly than a tenant could before paying a claim.
Comment Alison Brennan of CA
We've had renters insurance for several years and it brings peace of mind. Our policy is $300,000 liability, $550,000 personal, with a $500 deductible. We pay just $16.33 per month, which is so cheap. We have it combined with our auto, which gives us a multi-line discount. We have a family of 5, with 4 computers and 3 TVs, one of which is a 62 inch. We also have an Xbox 360, PS2 with lots of video games, and many books. You can see where we just have to have renter's insurance. The $300,000 liability is so very nice in case the house burns down, the landlord can easily start over. I also believe there is no limit on our length of stay at a motel for loss of use. Just get it, whatever you do.
Comment by D. Scott of NE
It is actually very affordable. Before I was on my own, I believed it was more expensive than it actually is. It's especially cheap if you get the policy from your current insurer; often times they give you a multiple policy discount. Luckily I never needed it, but it was cheap peace of mind!
Comment by Shan of IN
My family of 5 rents a home, and we have renters insurance. Because I have multiple policies with Erie Insurance, I get a $20,000 policy for $80 a year. Since the kids are getting older and gifts and things more expensive for them, I am going to raise it to $30,000 minimum to ensure we have enough coverage. Luckily, we have never had to use it, but the peace of mind is worth every penny I pay!
Comment by Melissa of PA