Should I buy home owners insurance for an apartment?

Unless you own it you don’t get homeowners, what you can get is content insurance which will cover your belongings in case of a fire, or theft, but if you don’t have that much worth in stuff not really worth it.

No, You would purchase renters insurance based on the value of your possessions.

@Coloma @SQUEEKY2 Thanks. I will look in the phone book and see how much it costs.

Right, renter’s insurance. It’s usually very inexpensive.

It’s a renter’s policy, not a homeowner’s policy, and you should get one. The premiums are minimal, but they buy great peace of mind. If a visitor slips and falls within your apartment, you’re covered; if a burglar breaks-in and steals your possessions, you’ll get a settlement.

If you rent you need renter’s insurance

I lived in a building that burned in a fire, and I regret not having renter’s insurance. My neighbor had a studio apartment and a 30 thousand dollar policy, and she got 30 thousand dollars. She used that to put a down payment on a house. When I moved to my next apartment, I spoke to my insurance agent about renter’s insurance. He gave me a quote for a ten thousand dollar policy, and I said “no, I want thirty.” It’s dirt cheap – maybe 130 bucks a year. I have it with the same insurance company that I have auto insurance with, so it’s a bit cheaper to have them both with the same company.

Fires are something that “happen to other people” until they happen to you.

One thing I learned after experiencing the building with the fire, in talking to people about it I learned that many people have lived in homes where there were major fires.

As others have said, renter’s, not home owner’s, insurance. And yes, absolutely get it. They’re typically cheap, and while you may not have much of value, if something happens, such as fire or burglary, you’ll need that money to get back on your feet. Ours is something like $10 a month and we’re covered for $25,000.

Ok I bought $250 years worth of insurance in August. Thanks for all

”$250 years worth? – I admit, I’m a bit confused by what exactly you mean there, but good on you for getting it. Insurance is something you hope you never need, but needing it and not having it? Ugh. But yeah, renter’s/homeowner’s insurance is a wise thing to have. In the event that you do ever need it, say a fire, it may take a awhile to get the full pay-out, but the insurance agent will usually be able to get a bit of much needed cash to you quickly so that you’ll at least be able to eat, get some clothing and rent a hotel room for the time being.

@darth_Algar $30,000 insurance for $250 payments for a year and a $1,000 min before I get paid anything. I pay $250 every august.