Renters' insurance…yes or no?

Tips and Deals Forums Home Insurance Renters' insurance…yes or no?

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      Anonymous
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      I recently moved into an apartment and am contemplating renters’ insurance. I have a few questions before deciding on whether to purchase a policy or not.

      First, is it worth it? The idea seems similar to buying an extended protection plan for a product; yes, the protection plan is cheap, but what are the odds that the product will actually break during the 1-year timeframe? Every item in which I have ever purchased an extended protection plan (TVs, computers, furniture, appliances) has never malfunctioned/broken. Basically, I paid that money to cover myself in the event of something happening, but nothing ever did happen to any of those items. I would say that I’ve thrown away approximately $ 1000 over the years on various protection plans.

      Second, when I am assessing my personal property value, should I overestimate the actual value of my belongings, or provide a more accurate estimate? Do insurance companies require any visual proof of items you own?

      I know there are more pros than cons to renters’ insurance, but I wanted everyone’s opinions on whether renters’ insurance is a good buy. Thanks.
      Touche, Ryan M. That’s exactly what my girlfriend said as well. I just hate admitting that she was right.

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