To make a decision, you’ll need to take into account your overall financial situation.
Can you afford to replace most or all of your belongings in the event of a disaster or a robbery? What would happen if you had to leave your apartment for several months? Could you handle the potential high costs of a lawsuit and medical bills if someone was hurt in your apartment?
The majority of people are unable to pay for these expenses out of their own pockets. It’s possible that you’ll lose a lot of your future earnings if you have to pay for these costs but don’t have the money.
Renters insurance is an essential means of safeguarding your financial future. It should be one of the first things you look into when renting an apartment, even if your landlord doesn’t mention it.
You might be surprised by how much it would cost to replace your possessions if you take the time to take an inventory of them.
