1. I don’t need renters insurance because my landlord is covered. The fact is that the landlords policy will cover the landlord’s structural damage to the building (or house) itself, not the personal items of the tenants.
2. It’s out of my price range. Is $10 or $20 per month too much? In most cases you can get coverage for your possessions for as little as $120 for the entire year.
3. My stuff really isn’t worth much. You might be surprised at how quickly all those books, CDs, and kitchen appliances add up. According to www.statefarm.com, most people own more than $20,000 worth of property. Additionally, although your personal items may be older, many policies will cover you for replacement cost of your items-meaning that the insurance company will replace your covered items at today’s prices, not the depreciated value of the items.
4. I’m in a great building and I’m not worried about security. Many policies will extend beyond on premises theft and hazards. if a suitcase or camera is stolen while vacationing, you will likely be covered. The same is true with regard to items stolen out of your car. You will also likely be covered if someone slips and falls in your apartment, which could be a huge financial burden without the proper coverage in place.