Expert Q&A

I am looking to rent an apartment; is a renters policy necessary or worth it if I have a limited amount of belongings, and the neighborhood is in a good area?

Related Topics: Other Insurance
Related Tags: Renters insurance
Dennis Cherenkov
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By Dennis Cherenkov - Primerica Financial Services
Answered about 5 years ago

Yes the renters insurance is worth it. How would you feel if even the limited stuff that you have was all destroyed because of someone else’s negligence? You wouldn’t feel to great when you also found out that the complex’s liability insurance only covered the building and not any of your things.

You should definitely consider renters insurance, besides some of my clients basically got “free” renters insurance when they bought their auto insurance together with the renters. Basically the discount on the auto insurance was greater than the cost of the renters policy, so they got a great deal.

George Sleeman
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By George Sleeman - Tax Man To You, LLC
Answered about 5 years ago

Speaking from personal experience, yes. Any house or apartment can catch on fire, and then you have nothing. Fire does not pick only the shady parts of town.

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