Is renters insurance worth it?

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As we head towards summer, you might be looking to move. And if you’re a renter, are you signing up for renters insurance?

According to PEMCO Insurance, around 57 percent of people still don’t have renters insurance!

Turns out, many people may think, they don’t need it.  “People think that the building’s owner is going to cover their property and he’s not”, says PEMCO Senior Underwriter-Analyst Gary Kinniburgh. He says renters insurance covers two things. The first is your belongings in case there’s a disaster like a flood or fire. The other portion covers liability, like if someone trips in your apartment and tries to sue you.

So is it worth it to get renters insurance? PEMCO says yes, especially since it usually only costs around $16 per month. Most companies will also give you a discount if you combine your renters insurance with your auto coverage.

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