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Money Tip: Renting? Consider renters insurance

May 19, 2008

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With so many college graduates migrating from campus this month, one item often neglected during moves into the real world is a critical one: renters insurance, the often-ignored coverage for everything from personal property to personal liability.

From MSN.com, here are four myths about renter's insurance that might convince you to buy a plan:

¢ My landlord's covered. In most cases, a landlord's insurance covers only structural damage to the building itself - and many landlord policies don't even go that far if the damage is caused by a tenant.

¢ It's out of my price range. But really, is $10 to $20 per month too much?

¢ I'm in a great building, and I'm not worried about security. Renters insurance extends beyond on-premise theft and hazards.

¢ My stuff isn't really worth much. You might be surprised at how quickly all those books, CDs and kitchen appliances add up.

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