The answer is….not much. People still buy possessions and store them in their apartments and condos and we still insure them. A few things to be aware of when buying renters insurance is to always have “Replacement Cost” coverage on your contents. We have found some low quotes from online sites are leaving that off to be $20 lower. That means if you have a loss to your property they will be assessing your losses in one lump sum for what they determine the value to be. With replacement cost you go out and buy those items again, even if they cost has increased, and your insurance company reimburses you. Its a lot less stressful with Replacement Cost.
Another thing to look at when buying or revisiting your renters coverage is your liability limit. In Wisconsin the lowest limit is generally $100,000. Just ask us or your agent to quote $300,000 or even $500,000. You will be surprised at how little the rate goes up. Liability is really a very important coverage to protect you from lawsuits. Lets say you are responsible for a leak and it damages other tenants (and your landlords) property. Better to be safe with higher limits so you aren’t selling your assets to pay for other peoples stuff.
The last reason you might consider a renters policy is something you wont ever think of. If you purchase a home you will suddenly need a homeowners insurance policy. Some home insurance policies will give you a discount for having prior coverage. Your renters policy will qualify in most cases. Often times your renters will help you save on a package with your auto. I have seen cases where the savings pays for the entire renters policy.
Keep these items in mind and call us if you have any questions. Lets protect what we have with a renters policy.