Should I Bother with Renter's Insurance?

CNN:

A 2003 poll by the Independent Insurance Agents & Brokers of America found that 64 percent of renters had no renter's insurance. This is despite the fact that, according to the National Association of Insurance Commissioners, the average renter's insurance premium in 2002 was just $186.

Renters tend to opt out buying rent for two reasons. First, many people mistakenly think that their landlords' insurance would cover any damage to their property. In fact, the landlords' insurance would cover their own property, but not their tenants' property.

Second, many renters assume that they simply don't have enough valuables to make insurance worthwhile. But take a good look around your apartment. That home computer, TV, stereo, CD collection, furniture and kitchen items can all add up to a substantial sum, even if you live in a one-room apartment.

Posted by Angie on April 24, 2005 | 0 Comments

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