Myths and Facts about Renters Insurance

Myth Fact 
Insurance is just for homeowners. If you are renting a home, live in an apartment complex or condominium, or you are a student living in a dormitory, you may qualify for renters insurance. If your roommate has insurance, consider adding your name to their policy so both of you are covered.
Renters insurance is more expensive than it is worth. With your spare change, you can purchase thousands of dollars of coverage. A typical renters insurance plan costs approximately $125 a year; that's just $0.34 a day.
Renters insurance is just "extra" coverage that you really don't need. The threat of fire, injury or damage to your property far outweighs the inexpensive programs available to renters. Know your options.
What I own isn't valuable enough to insure. You probably own a great deal more than you think — furniture, clothing, stereo, television, books, toys, jewelry, sports equipment, appliances, dishes. What would it cost to replace everything in your apartment if you lost it all in a fire or other disaster?
From the City of San Jose