Several years ago, we decided to get renters’ insurance. We now have homeowners’ insurance. It’s not required, actually, if you have a mortgage loan – the bank only cares that the condo association has insurance, in case your building burns down. They don’t care if your personal computer melts down.
So, my advice – get homeowners’ insurance.
And, get “replacement cost” not “actual cost” insurance. Replacement cost will run you more, in premium payments, but it’ll pay off if you need to collect.
Make a list of all of the stuff in your condo, item by item, and store the data somewhere (somewhere else than your computer’s hard-drive). If you’re really anal, you can even take photos (digital photos) and store them on a disc, or something (at work, maybe).
I was surprised my stuff was worth so much. We really don’t own anything. One of the biggest items (surprisingly)? Our CD collection. Seven hundred CDs, at a replacement cost of $10 each? That’s $7,000. I wouldn’t necessarily replace them (well, except the “Best of Falco” CD), but it’s good to have the insurance.
Of course, how do you quantify the cost of your iTunes collection? That’s a good question.
More information: Taking Inventory of Your Home To Get Adequate Insurance – by Terri Cullen, The Real Estate Journal