Yesterday on the radio I heard someone in Missouri, whose home had been destroyed in the tornado, interviewed about how they had lost everything. They, like more and more people these days, were renting the home. And they, like the majority of renters, did not have renters insurance. I was inspired to write this post because I believe that renters insurance is one of the best and most often overlooked deals. Jay and I do not even have a place to live, but we have renters insurance.
Renters insurance is often only $10-20 a month and in our case it covers all of our property no matter where that property happens to be at the moment. What that means for us is that we have some peace of mind if our car is stolen or broken into on the road because all of the stuff inside it is insured. With 3 bikes on the car, and most of our possessions inside, it just makes sense to be insured. In addition, the rest of our stuff, as it sits in storage, is also insured. If there was a natural disaster that damaged our stuff while it was being stored, we would be covered. BTW, we are insured through USAA, which is a great company, but only families connected to the military are eligible.
When we were going door to door in Vilonia Arkansas after the tornado and flooding, the residents with the most anxiety were those who were renting and were not covered by renters insurance. If you own at least $5,000 worth of stuff, you should really look into what it would cost to get this protection.