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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.)
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.)
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