Kimberly Palmer, author of U.S. News & World Report’s Alpha Consumerist blog, makes a convincing case that renters really should insure their stuff.
Her reasoning: It’s cheap — Palmer says her insurance in Washington, D.C. (by no means a region free of criminal activity), costs about $100 a year — comprehensive and necessary because renters are more at risk of being robbed. She cites Bureau of Justice Statistic figures that say renters are 50 percent more likely to be burglarized.
Most college-age adults, however, don’t bother to get renters insurance. According to a new study from Allstate Insurance, two in three say they have no insurance protection whatsoever. At the same time, about half said their belongings are worth more than $10,000 and the vast majority said that they could only afford to replace some of those items if they had to.
Of course, this only goes for those who own stuff worth stealing, as well as those who don’t secretly wish many of the things they own would be stolen or break so they’d have an excuse to buy newer, better stuff.
Whether or not you go the insurance route, it’s a good idea to catalog the valuable stuff you own. A video sweep with a camera will do the trick, and you can also go an extra mile and make a spreadsheet with serial numbers of your electronic devices. These things have a way of turning up at pawn shops.