In the event of a fire or theft, could you replace all of your personal belongings? As a renter, consider that unfortunate outcome when deciding if renters insurance is worth it to you. Similar to homeowners insurance, renters insurance includes liability insurance and coverage for personal property against fire, theft, and vandalism. In order to determine how much renters insurance you need, consider how much your property is worth and what you would do if you were faced with a liability lawsuit.
Keep in mind that as a tenant you are not responsible for insuring the building; that is your landlord’s responsibility. All in all, renters insurance is inexpensive, averaging between 12 to 30 dollars per month. That’s much less than what it would cost to replace your personal belongings.