1. 1615 POINTS
    Ryan Andrew
    President, The Andrew Agency, Richmond, VA
    Asking the question why should Renters get Renters insurance is the same as asking why should anyone get insurance? The purpose of insurance is to pool together monies to reduce individual financial risk from unforeseen losses. Other than car insurance and now health insurance you don't have to purchase insurance but I certainly wouldn't recommend it. Even if you are a millionaire you still need insurance. The more money you have the more money you can lose and the cost of insurance is minimal compared to the financial risk you face.

    Renters needs renters insurance to protect their belongings and also to provide liability protection for negligent acts. Renters insurance typically costs between $100 - $200 per year and for this cost you get coverage up to $25,000 for personal property and up to $300,000 in liability. The real question should be why wouldn't Renters get Renters insurance.
    Answered on August 27, 2013
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