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Renters insurance is well worth the cost
Should you care if your apartment building burns down? After all, it's the landlord who will have to rebuild it, not you. The owner is required by mortgage or law to have insurance, but you have no one forcing you to insure.
Look around your place and you'll see plenty of reasons why you should have renters insurance. Whether you're a young person in your first apartment or a perennial apartment dweller, the value of your possessions adds up to a surprising sum. Consider what it would cost to replace your entertainment center, your computer, television, camera, and other valuables. Then look in your closet and calculate the value of your clothing. After that, consider the cost of replacing your furniture.
A word of caution: be sure your possessions are adequately covered, or your losses may not be recovered through insurance claims.
A standard renter's insurance policy that covers $15,000 in personal property, and $100,000 in liability coverage can be purchased for about $150 a year. If your stuff is worth more than that, get more coverage.
It's not only fire that could take it all away from you. Consider the forces of nature: wind, hail, tornadoes and floods can all cause serious damage. In fact, flooding is the nation's most common disaster, surpassing both earthquakes and fire. Homeowners who live in a flood plain are aware of the danger, but apartment dwellers may be at risk from flooding too.
Liability insurance is another consideration. If someone is injured during a party at your place, you could be held responsible for medical bills and other legal claims.
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