Is It A Good Idea To Get Renters Insurance? 
I previously posted this piece in response to a renter insurance question . I am sharing it here , hoping that it might be of value in answer to this inquiry . Mr. Pipes provides a good summary before me and concludes with an important question . I am adding this message with a personal example of the value of this coverage . Renters insurance policies provide a considerable amount of coverage for a relatively small premium . For starters , it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire , smoke , theft and several other common loss circumstances . It also provides some coverage for liability which can be of significant value . Other desired coverages can be economically added . From a personal standpoint , I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh , NC a few years ago . Fortunately , no one was hurt but the apartment became totally uninhabitable as a result of the fire and smoke damage . Because my Sons were astute enough to have purchased a renters policy -LRB- they finally listened to their Father ! ... -RRB- they were reimbursed for all of their burned and smoke-damaged possessions . Additionally , they received full reimbursement for living expenses elsewhere while restoration was being completed . When the landlord sued them for negligence related to the cause of the fire ... which was quickly thrown-out in court ... the insurance carrier provided them a defense for the negligence allegation , including the presence of a defense lawyer during the formal hearing . All-in-all , it cost my Sons their very affordable premium and a small loss deductible to get back to their lives . Without the renters policy , they would have been ` hurting ' for a long time ! 