Renter's Insurance: Keep or Don't Keep?

[FrugalTexan75]

Ever since I moved out on my own, I have made sure I had Renter's Insurance - even though it has always been for the lowest coverage amount possible.

Well, now that I am moving into a home where I'll be renting a room, and will be letting go of the majority of my belongings ... I'm not sure if keeping Renter's Insurance makes sense anymore.

My deductible is $500. So if there was a fire or something that destroyed everything in my room (computer/ dresser w/some clothes) that might put me over the deductible. If the stuff that will be stored in the garage was destroyed/stolen somehow - well, other than the futon, most of it couldn't be replaced anyway (treadle sewing machine, my dresser from when I was a baby, etc.) If all the clothes that will be in the closet were somehow destroyed, that might put me above the deductible.

If everything I own after moving was somehow destroyed or stolen, it all could be replaced for less than a few thousand dollars. Oh, and I know if I needed a place to stay while finding a new living arrangement, I could find several different people who'd put me up for a few days - so wouldn't have to worry about hotel expenses.

I know the other reason for renters insurance is liability. But my rental space will consist legally of just 200 square feet or so. Most likely I will never have anyone other than family in that space in the next two years.

Does it make any sense at all for me to keep paying for renters insurance?

(My Renter's Insurance for 2009 was $201 - lowest possible coverage.)

[creditcardfree]

Personally, I think it is still wise to keep it. Even with minimal belongings, your stuff is worth more than you think when it comes to replacing them.

[FrugalTexan75]

Thanks CCf. You are probably right.

[Alex_Adviser]

Many renters are shocked to find out their apartment complex's insurance only covers structural damage to the building. That means if you don't have renters insurance, any damage to your personal belongings will not be covered. That's why all renters should get renters insurance. So i strongly feel that you should continue with the Renters Insurance.

[devid fox]

Originally Posted by FrugalTexan75

Does it make any sense at all for me to keep paying for renters insurance?

My personal opinion is it does not make any sense to keep paying for renter insurance. It is very funny that doing insurance of cloths. That is not necessary as I think. If you still wish to spend money on this **** I have nothing say more.

[segmond]

pay it, it feels like it's a waste because nothing has happened, but if someone breaks into your apartment and steals some of your belongings or the apartment has a fire, you will be really really glad you did. make sure you have a copy of the policy offsite from your apartment.

[neatdesign]

If there is 100% absolutely NO WAY that you can squeeze an extra $3.86/week out of your budget by cutting back elsewhere -- then yes, you should cancel your renter's insurance.

Otherwise, keep it.

~ Jenney

[FrugalTexan75]

Thanks everyone for your input.