Renters Insurance: What It Does and Doesn't Do

Most people do not sit around waiting for the worst to happen. However, with a nearly 10 percent unemployment rate, it takes only a bit of common sense to assume that increased criminal activity in the U.S. might soon follow.

"When I bought a home I was required by the banks -- who have a vested interest in the property -- to get homeowners insurance," says Shani Griffith from Brooklyn, New York. "When I sold my house and started renting, it just never occurred to me to get renters insurance, and no one made me do it."

The funny thing about thieves is that you can bet they don't care if you own your home or rent it. They only care about what is inside. As renters, you might be asking yourselves if you are able to incur any additional expenses at this time in your lives -- much less one rooted firmly in "what if." Should you even bother with renters insurance? And if you do, how will it benefit you and how not?

Here are the answers you've been waiting for: