Renters Insurance: Should You Buy It?

fire can destroy possessions in your apartment
fire can destroy possessions in your apartment

Feeling like there's more month than your paycheck covers? You might need to consider some frugal lifestyle changes. But should you ax your renters insurance policy? Are the savings of $20-$40 a month worth it?

Anyone who has suffered losses from fire, flood or theft in their apartment will say "no way" to dropping it.

However, saving those dollars and "risking it" does seem tempting. Isn't this what a lot of young people are doing when it comes to health insurance? And don't most of us wonder what renters insurance covers, anyway?