Is Renters Insurance Worth the Cost?

Photo Courtesy: [Kemal Yildirim/Getty Images]

There are plenty of costs associated with starting a new lease. You’ll likely encounter moving expenses, security deposits, pet deposits and your first month’s rent, among other things. While it’s true that moving isn’t always the easiest event — physically, mentally or financially — there’s one more cost you might seriously want to consider incurring: the purchase of a renters insurance policy.

It’s true that renters insurance is an added expense, but it offers helpful protection and peace of mind. Some landlords even require you to prove you’ve bought renters insurance before you sign your lease. If you have the option to purchase one of these policies, it’s important to understand what they are, how to evaluate them and what ultimately makes them a worthy expense.