Renters Insurance is important if you want to get funds which can be used to replace your material possessions which are damaged due to one of the events covered in the policy. Events might include water damage, fire & theft.
If you have a lot of money just sitting in the bank, which you do not want, then perhaps you do not want Renters Insurance. You can also just take the risk that nothing will happen to your stuff although it may be a requirement to have Renters Insurance at the place you call home.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Insurance exists because people cannot absorb the losses associated with renting property. If someone is injured, they could sue you into bankruptcy. Even though you might think that your property isn’t valuable, try replacing it. Most renters cannot afford to handle a lawsuit or the damage caused by a fire or other named peril. That is what a renter’s policy is for.
That is a great question! I guess it's importance is relative to how easy it would be for you to replace all of your belongings, should something bad happen. If it's not expensive for you to do, then you don't need renters insurance ( I'm assuming that you could handle any damages awarded, if there were any suits involved in whatever happened). If covering the cost of replacing your things could be a problem, then maybe a policy isn't such a bad idea. they are really pretty cheap, and can be a real lifesaver, when needed. I hope that helps, thanks for asking!
Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
Renters insurance only becomes important when you need it. Keep in mind that renters insurance will cover your personal belongings (aside from fine arts, jewelry, etc.), additionally, it will cover Personal Liability. Renters insurance is an unbelievable value if you think about it... for $200, or so, you can cover your personal belongings and, in many cases, get coverage for $500,000 of Personal Liability. Hope this helps.
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If you have a lot of money just sitting in the bank, which you do not want, then perhaps you do not want Renters Insurance. You can also just take the risk that nothing will happen to your stuff although it may be a requirement to have Renters Insurance at the place you call home.