These are the opinions of writers and not the opinions of RentTampaBay.com or any of our advertising partners.
It's a common question that we will hopefully demystify for you today. For those who choose to NOT obtain renter's insurance, they are essentially betting that the monthly cost of their plan is greater than the risk of replacing their valuables should the unfortunate happen. A quick look at the odds in Vegas can show you how risky a bet can be.
You can also think of it this way. Do you have enough funds to replace your personal property do to a fire, water damage, theft or natural disasters (think Tampa Bay lightning)? Do you have enough funds to replace all your furniture? Clothing? TV's? Other electronics? Your valuables?
If the answer to these questions is no, then it's a pretty safe bet to go ahead and purchase renter's insurance. If the answer is yes, acquiring renter's insurance can still a good idea because it is so affordable.
You may also want to check with your future apartment community before moving in. Requiring renter's insurance may be a requirement. This protects both them and you in the event of unforeseen circumstances. Ask any of their leasing agents that have been there for a decent amount of time and they can probably regale you with stories of when not having renter's insurance went wrong.
To sum it up, not having insurance is risky. So our rule of thumb is insure only what you can't afford to lose.