Renters insurance recommended to avoid potential long-term issues

Citing a report by the Insurance Research Council, which shows less than half of renters had renters insurance in 2006, USA Today states more apartment dwellers should invest in it to avoid financial problems should something happen to their possessions in the rental properties.

Amy Danise, senior managing editor of Insure.com, said many renters underestimate the true value of renters insurance. "People say, 'I don't think I have a lot of stuff. I don't want to pay money to insure it.' They don't think it's very valuable," she told the newspaper.

According to the paper, many residents believe their landlord's insurance covers things they own, as well. However, the source says this is a general misconception which could cause financial difficulties if renters lose high-priced items in accidents such as floods and fires.

Jeanne Salvatore, senior vice president of public affairs for the IRC, told USA Today that payments for renters insurance generally cost the amount someone would spend on a "fancy coffee drink" per week, so they may not get blamed if something happens.

CLV Group Ottawa states many landlords and property managers won't rent apartments to people unless they get renters insurance.