Experts Recommend You to Never Skimp on These Things

WHAT EXPERTS RECOMMEND

Don’t assume that your landlord’s insurance policy will cover your personal property — it won’t, according to the National Association of Insurance Commissioners. But a renter’s policy will pay to repair or replace your items if they are damaged or stolen. And the cost is just $15 to $30 per month, according to NAIC.

Delgado said that if he had renters insurance, he would’ve paid only a small insurance deductible after the theft, and the policy would have covered the remaining cost of replacing his bicycle.

“Overall, I could have saved several thousand dollars by just paying 12 bucks a month,” he said.