There are a million reasons why tenants may choose not to purchase renters insurance, but it’s coverage that is worth considering—even if you don’t own anything that you consider overly expensive or valuable. In many cases, renters insurance will cover more than just the contents…

There are a million reasons why tenants may choose not to purchase renters insurance, but it’s coverage that is worth considering—even if you don’t own anything that you consider overly expensive or valuable. In many cases, renters insurance will cover more than just the contents of your apartment.

Scenario #1: Injuries to a guest in your home

Whether you have a pet who nips a visitor or your child hits a baseball through a neighbor’s window, renters insurance may help protect you, provide defense, pay for damages, or investigate allegations when claims are made against you by third parties.

For example, consider an elderly customer of mine who was at home recuperating after a heart attack. During a visit with a friend, his guest tripped over a loose wire and fell, breaking an ankle. Unfortunately, the elderly customer did not purchase renter’s insurance because, he said, at his age he had nothing worth insuring in his apartment.

Had he purchased renters insurance, however, his insurance policy may have provided medical payments for his injured guest. It also may have provided liability coverage, or at the very least defense costs, potentially protecting him against lawsuits from...