Renters insurance : do i need it?
Posted on April 28th, 2009 in Renters Insurance
divinemadness asked:
im renting for 1-2 years until our new construction is done, should i get renters insurance?
im renting for 1-2 years until our new construction is done, should i get renters insurance?
This post has 19 comments
May 1st, 2009
absolutely. it is super inexpensive. ask the ins. co. that your car is through. it should be less than $100/year.
May 4th, 2009
Imagine if you had a problem and everything in your rental home was gone. Wouldn’t you be happier if there was insurance to pay to replace it?
May 4th, 2009
yes very important
May 5th, 2009
It’s worth it for the peace of mind. In case of theft or fire. It’s only about 10 per month if I remember right.
May 7th, 2009
It’s a safe bet, most renters insurance is pretty cheap, just make sure that you chose a coverage that is right for you, make sure that you have property replacement and living expenses should the place your renting be destroyed.
May 10th, 2009
If you have a lot of valuables and theres a chance of
1. robbery
2. fire
3. lightning strike killing expensive electronics
than yes if you don’t have that much and live in a secure condo or apartment you could save the money and not bother.
May 13th, 2009
I would - just to protect you.
It’s only like $10 a month and you can roll the payments in with your car insurance. If your place gets robbed or if you have a dog that bites someone — you will be totally protected.
May 15th, 2009
Renters insurance is very, very important. Its cheap and it covers everything you have at the place you are renting. If a fire starts somehow and all your stuff burns up. Its covered. All of it. I say the $12 or whatever a month is well worth all of your stuff.
May 16th, 2009
yes!! accidents happend… hinse the word DENTS in accidents.. better safe then sorry. so if i were you i would get the insurance… you migh just need it
Good Luck with your renting…
May 18th, 2009
Yes… it is very inexpensive… especially if you have nice things that you have worked hard for…
May 20th, 2009
Probably. If there were a fire in your rental (or hurricane, theft) and all of your stuff were gone, could you afford to replace it? It’s not expensive (depending on your geography) so I would definitely buy it.
FYI - Flood is a separate policy. Jewelry, artwork, firearms may need to be insured on a rider. I’m an agent.
May 21st, 2009
Yes, it’s a very good idea. Renter’s insurance is incredibly cheap and can save you so much if something happens. It also frequently comes with liability. The landlord has no responsibility whatsoever for your stuff and even if you are careful, a fire can start in someone else’s place and burn down the whole building.
I didn’t have it on an apartment I was only going to be in for a year. The apartment above mine caught fire and the building burned down a month before I was to move out. I lost everything and had to start over. Even though I didn’t own anything expensive, it added up FAST! My neighbors with renter’s insurance had less difficulty getting their lives back on track.
May 23rd, 2009
Unless you have enough money in the bank to actually replace everything you own if you had to tomorrow then you need renters insurance…Don’t cheap out on the insurance and talk to at least 2 different Insurance Brokers for quotes.
May 25th, 2009
YES! Renters insurance is so cheap and totally worth it. My husband and I paid $14.00 a month for five years. It was added into our car insurance. One day our furnace caught fire and we were suddenly homeless. (No one was hurt) I called our agent and he put us up in the a four star hotel and dropped off a thousand dollar check to tide us over. Our insurance covered our living expenses for 6 months until we could get back into our home or an adequate equal. They cleaned and stored or replaced all our belongings. If we didn’t have renters insurance our lives would have been ruined. I love our insurance agent. Never go without renters insurance and hopefully you will never suffer a tragedy.
May 28th, 2009
Definiitely! We went through Hurricane Katrina with our business where we rent the building and I wish we had renters insurance on it. Without it, out landlady was able to totally screw us!
May 29th, 2009
yes, verey very important. please try this
help
June 1st, 2009
You tell me.
If someone tripped on your hall rug, and sued you, would you be ok paying out of pocket?
Or . . . if the apartment caught on fire, and you lost all your stuff, can you afford to replace it?
June 1st, 2009
Everybody is right that renters insurance is very important, but not for covering your own stuff. If need be you can always replace your personal property over time.
The REAL reason to get renters insurance is for the liability coverage. In case you mess up and damage the rental property.
Our company handles many insurance claims each month that occur when a tenant damages a rental property. Fires (Cigs, candles and cooking), water (overflowing tubs and sinks) etc. The uninsured renter that was responsible for the damages now owes reimbursement to the building owners insurance company. (the process is called “Subrogation”) Our company handles the collection of the monthly payment plans for the insurance company.
Each month we receive 3 to 5 new files involving uninsured renters. Some are small, a few hundred dollars and some are very large. Right now on my desk is a file in MN where an uninsured party owes $183,000 for damages to an apt building due to a cigarette fire. We agreed to accept $50,000.00 at $225.00 per month. That person will be paying almost 20 years. It’s like making a car payment and not having the use of the car.
Renters insurance is the best insurance investment you can make. It is very cheap and can save you a ton if you mess up.
June 3rd, 2009
Yes, it is inexpensive and if anything happens you will be covered.
I have a policy for myself and I pay about $142.00 for the year.
This is for $300,000 of liability, $25,000 personal property and $5000 to get me into a new place. I’d say it is a good decision, cause you never know….
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