Should You Have Renters Insurance?

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Experts say it’s common for renters to skip insurance. In fact, a 2006 Insurance Research Council poll found that while 96 percent of homeowners have homeowners insurance, less than half of renters have a renters insurance policy.

Many incorrectly assume that their landlord’s insurance policy will cover their belongings in the event of a fire or that renters insurance is simply too expensive. However, according to Loretta Worters, vice president of the Insurance Information Institute, an increasing number of landlords now require their tenants to buy their own renters insurance policy. “A typical renters policy runs around $250 to $300 a year, depending on where you live,” she adds.

Bob Hunter, director of insurance at the Consumer Federation of America, says middle-income tenants need renters insurance the most because they have personal property to protect and likely lack the resources to replace those items themselves. “At some point when you begin to accumulate things, you have to be more serious about protecting them,” he explains