Renters Insurance: Protect your personal property

The short answer is NO.  You do not absolutely need to have renters insurance.  Some rental communities require that you have it while others do not.  Generally speaking it is always a good idea to have it.

Do you have enough money on hand to replace everything that you own?  I would have to guess that you do not.  Renters policies are an extremely affordable way to cover your personal property in the event of a loss.  

The NFPA (National Fire Protection Association) estimates about 350,000 residential fires every year. They have free downloadable safety tip sheets for you here.

With odds like that, it’s only a matter of time until you suffer a loss as a renter.  Renters is a safety blanket that you simply can’t afford to not have.  You can’t say it is too expensive, because in most cases it costs less than a dollar a day depending on how much coverage you need.  Most renters won’t need more than $25,000 to replace their personal belongings, but there are few that will.