Is renters insurance a necessity?

No it's not. But I recommend it simply from personal experience. When I was younger I had a down stairs apartment and the neighbor upstairs let the tub overflow which flooded my apartment below. Everything I had was destroyed! Since I was advised by my landlord to get renters insurance it replaced all the contents that were ruined. My advice would be to get it because it is very inexpensive and well worth it!

I'm my personal opinion it is.
Since the landlord is required to have insurance that covers the property for damages and such, renters insurance is going to protect everything that is inside of the dwelling that belongs to you.
IE: if you get robbed or there is some other sort of damage that happens to your personal belongings. The renters insurance is going to protect that.
Otherwise you may be left without any compensation for your lost or damaged items.

Its also protects you against lawsuits that occur if someone is injured in your space.

I don't think I would ever rent without it, its not worth the risk.

It is not a 'necessity' but is definately recommended. If something ever happened (fire, theft, someone gets hurt at your house) you would be able to replace your belongings and/or pay if someone decides to sue you. For the little amount of money it costs, it offers a lot when needed. If nothing ever happens, you aren't out that much money. It does more than just replace your physical items also, if you can't live in your place, then you will have some coverage for living in a motel or house until you can live at home again. If your luggage is stolen while on vacation, some policies will cover some of that also. Depending on the area you live in, the possibility of theft could be a good reason to carry it also. Hey, people pay more money for internet and cable TV and those aren't 'necessities' also. Just shop around for the best rate. Good Luck!

It's not a necessity, but it's recommended.
If you look into it the policies are relatively inexpensive.

Not unless your rental agreement requires it.

But, if you can't afford to replace everything you own if there's a fire, you should probably buy it. It's really cheap, like $150 A YEAR.

i think it is smart to get!

Yes, renters insurance is a necessity to avoid capping off a catastrophic event with an unaffordable financial catastrophe. Other similarly necessary insurance includes homeowners, flood, automobile, health, and term life insurance. Renters insurance is not too expensive since unlike homeowners insurance, it only covers contents, and not the structure.

Dental insurance can sometimes be replaced by joining a discount plan. Each person should weigh the benefits to them of each plan, but get one of them.

Here are some forms of insurance that are usually not recommended:

Whole life insurance usually has a terrible investment portion for the additional cost over term life insurance, renters insurance because it is usually covered under a standard automobile policy.

Credit card disability insurance usually just means you can skip payments, either by waiving the late fee, interest, or minimum payment, but leaving the majority of the balance for you to pay once you get back to work. A better bet would be to get disability insurance that paid you a portion of your salary, for about the same price as the credit card disability insurance.

Extended warranties on appliances usually expire long before the unit's expected life. Sometimes things do break down early, but when they do, they usually break or show symptoms very early in the warranty. Many items are replaced for appearance or technology before warrantable parts actually break. As an example, I found a clothes washer with a life expectancy of 18 years with a variety of extended warranties available, such as to extend the warranty to 2, 3, 4, or 5 years. You should already expect it to last that long and if it had a defect, that defect would most likely show before the first year is up. You could also buy a 10 year plan for half the current sales price. It could break down, then, but it will probably last another 8 years. If the washer broke down then, you would come close to breaking even, but if it lasted just two-thirds of its useful life, which is 12 years, you still have to replace it early and you lost the whole cost of the warranty because it only covered units that broke down early, after just 56% of the washer's useful life.

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