This is always an interesting discussion. Most consumers view this as a way to protect their stuff if there is a fire or rowdy friends over. While this is true, the most important reason to carry renters insurance is PERSONAL LIABILITY.
Personal Liability protects you from lawsuits that may arise from anywhere in the world. For example, we had a client, "John Doe", who was golfing in Europe. Standing on the 4th tee box of an absolutely beautiful course, he addresses the ball and takes his swing... It's a terrible shot. The ball flies 2 fairways over and nails another golfer in the head. Knocks him out.
Astonished at his terrible shot and feeling sorry for the golfer crumpled up on the ground, John runs over to see if he is alright. Woozy, the golfer gets up and seeming to be okay, they part ways and continue their rounds. Shortly after John’s return home he received a notice that he is being sued for pain and suffering from the incident.
Luckily, John had a renters policy and an umbrella which provided enough protection to fight and win the lawsuit. Had he not had coverage, John would have been paying his defense out of pocket.
Moral of the story: Take golf lessons… I mean, carry renters insurance.
Just some food for thought…
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