When Should You Get Renters Insurance? 
You need renters insurance when you have something to loose . That something could be more than your stuff . It could be the reasonable rent you have . If there were a fire , and you had to leave for another apartment , you might have to pay more rent . LOSS OF USE is a coverage built in to the policy . If you have to leave your 2 bedroom , second floor apartment where you pay $ 500 a month because of a fire , you can move into a similar apartment and if that similar apartment cost more , LOSS OF USE will pay for the extra -LRB- above $ 500 -RRB- rent . It will not pay for you to move into a four bedroom penthouse apartment . That 's not similar . If a friend or someone else visits , goes to the bathroom and slips on the floor they could get injured ... badly . A renters policy includes two important coverages : MEDICAL PAYMENTS and BODILY INJURY LIABILITY . MEDICAL PAYMENTS would pay hospital or doctor expenses necessary to treat your friend . The limit is usually $ 1,000 but you can buy more and it 's cheap . If your friend gets a lawyer and sues you , BODILY INJURY LIABILIYT will pay for an attorney to defend you AND pay the damages if you lose . The limits generally start at $ 100,000 , but check the price for higher limits as it also is cheap . Finally , there is your stuff . Maybe it 's used and worn and you do n't think it 's worth a lot . But if you had to go out and buy EVERYTHING all over again , it would be expensive . You can buy insurance that will replace your old stuff with new stuff . You just have to make sure you have REPLACEMENT COST COVERAGE . REMEMBER : Insurance does not cover everything for every imaginable kind of claim . There are limits and exclusions . They are generally the same from company to company . Find an agent you can talk to and ask questions . Good Luck Kevin P. Foley , CPA , CPCU PFT&K Insurance Brokers 877-414-2031 WEBSITELINK 