7 Terrible (But Surprisingly Common) Reasons People Skip Renters Insurance

Renting is expensive, and adding another monthly expense to your life might feel like the last thing you need. However, nearly half of all renters don’t have renters insurance, leaving them exposed to significant risks.

While renters insurance may seem like an extra cost that can be put off, it’s actually an affordable way to protect your belongings and your finances from unexpected events. With rents climbing and the cost of living rising, it’s easy to overlook insurance — but skipping it could lead to financial trouble if something goes wrong.

Before deciding it’s unnecessary, take a closer look at some of the most common (but flawed) reasons people choose to go without it:

1) “My landlord’s insurance should cover me if anything happens.”

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Your landlord’s policy protects their building, not your personal belongings. Your prized poster collection and $2,000 laptop? Not so much. If something damages your stuff (like a fire, theft, or water leak), you’re on your own unless you have your own renters insurance policy.

2) “My landlord doesn’t require me to get it.”

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Some landlords insist that their tenants have renters insurance, but just because it’s not required doesn’t mean it’s not smart. Renters insurance isn’t just about checking a box—it’s about protecting yourself financially if something unexpected happens.

3) “I probably won’t ever need to file a claim…”

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Hopefully you’ll never need to use your insurance policy, but accidents, fires, and break-ins happen when you least expect them. Insurance isn’t about betting something will (or won’t) happen — it’s about protecting yourself from going into debt if you bet against it and lose.

4) “I’ll be careful.”

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Being cautious is great, but some things are completely out of your control. If the upstairs neighbor floods your apartment, or a fire starts next door, your carefulness won’t be much help without coverage.

5) “It’s too expensive.”

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Good news: renters insurance is surprisingly affordable—typically just a few bucks a month. For less than the cost of a single takeout meal or a subscription service, you can protect your belongings and avoid major financial headaches later.

6) “I don’t own anything valuable.”

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You might not think you have anything valuable, but are you currently wearing pants? Using a phone? Sleeping on a bed? Replacing all your stuff adds up fast. Even the basics can cost several thousand dollars to replace if you had to start over.

7) “If something happens, I’ll just crash with friends.”

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Friends are great… but they’re not a long-term housing plan. Friends tend to get weird when your “temporary” stay turns into a third roommate situation. Some renters insurance policies include help with temporary living expenses if you can’t stay in your rental, so you’re not stuck couch surfing.

8) “The money I’ll save will cover whatever happens.”

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It sounds good in theory, but rebuilding from scratch can cost way more than you’d expect. A small monthly premium is much easier (and cheaper) than scrambling to cover thousands in losses all at once.