Renters Insurance - do you have it?

Discussion in Home & Property Insurance started by Lostvalleyguy • Mar 2, 2014.

  1. Lostvalleyguy

    LostvalleyguyActive Member

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    This is on my "Must Do" list yet it never gets done. I have always reasoned that if someone else starts a fire in my building, I would go after them for compensation. Dumb, I know! So, my questions is do you carry it and how much is a reasonable amount of coverage?
     
  2. firestarian

    firestarianMember

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    When I lived in my apartment I made sure to get it. It was reasonably cheap and the protection it offered for outweighed the cost. I protected only my most important things, my laptop, cell phone and the such. I only paid $100 a month, but that was a couple years ago. Find what is right for you, cover your most important things.
     
  3. LindaKay

    LindaKayActive Member

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    I don't have it but would like to get it. We have some pretty expensive stuff in here, so it would really hurt to lose it to a fire or something.
     
  4. daleo717

    daleo717Member

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    Yes I have renters insurance, and we pay $14 per month. It's a really good deal and I feel safer. We also have water damage coverage and smoke damage coverage. When we moved into this building the owner wanted us to have it so I googled cheap apartment insurance and found one right here in Vancouver that started at $10 per month. I got a higher deductible so It was a few dollars more. I would recommend that everyone have renters insurance, because you do not know what will be covered on the owner of buildings policy etc. and if anything ever happened you can just file a claim and get money to buy new furniture and belongings etc.
     
  5. whnuien

    whnuienActive Member

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    That is actually something to think about. We have an insurance for our own flat at my husband's town but we are currently renting someone else apartment where it's closer to his work office. We don't have any renter's insurance as we never actually thought about it.

    It's a good thing that I came across this thread!
     
  6. nickjt

    nickjtNew Member

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    I also always mean to get renters insurance, but it aways moves down my priorities list. My friend, who also doesn't have insurance, was burgled last week so now I am actively looking for some insurance. It isn't very expensive from the look of it, so I wish I had done it sooner.
     
  7. Pat

    PatWell-Known Member

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    Renters insurance can also cover a visitor to your home that gets hurt and you have to pay for the injury. Another thing renters insurance covers is items stolen from your vehicle. A good reason to get renters insurance, better to safe than sorry.
     
  8. adbutler0104

    adbutler0104New Member

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    I do not currently have renter's insurance and I did not when our house caught on fire and burned to the ground. I wish I would have listened back then to those who told me having renter's insurance could help in many areas. Although we're still searching for a new location to call home, we are still determined to get renter's insurance on the property once we move. It could have helped us replace a lot of things that were lost and even help us rebuild what we had lost. I hope that no one ever has to go through that and if they do, they make it out safe and have renter's insurance to cover the loss of their items and home!
     
  9. Happyflowerlady

    HappyflowerladyWell-Known Member

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    Most renters insurance is very cheap, and especially when it is bundled with your car insurance or another policy of some kind. Even if you live in an apartment that would be covered by the owner if it caught fire; there are still other things that could happen and destroy your property. Or, someone could break into your house or apartment and steal your expensive belongings, tools, computer equipment, or other valuable items.
    We had a tornado take the roof of of our rental house, and the torrential rain that accompanied the tornado soaked every thing that we could not quickly move to a safer room of the house. Fortunately, our bed has an air mattress, so it was not ruined by the storm, but it could have very easily destroyed everything that was not water-safe.
    Even if the landlord reimbursed us for the furniture (which is not likely since it was not his fault either) , it would have taken a while for him to pay us, specially if it had to go to court first.
    We didn't have renter's insurance at that time, but there is a good chance that we might have needed it if the roof had come off completely, or the tornado had struck the house itself.
     
  10. Allison2021

    Allison2021Active Member

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    When I rented apartments, I would often have renter's insurance. As time went on the more money I made the more expensive my belongings became. However, it never costs more than $50.00 per month.

    Condominium Insurance is similar to Renters Insurance. Condo insurance allows you to insure only whatever is inside the 4 walls of your home. The association is responsible for what ever is outside the property. It still does not costs more that $60.00 per month. Currently, that insurance covered all of the property I lost in a basement flood in 2012.
     
  11. BrandonScooterman

    BrandonScootermanActive Member

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    Same boat.
    I know I need it but I never get around too it.It's super important to have my good friend had his basement apartment flood. Replacing the bed set alone costs more than a years worth of renters insurance!
    You would be surprised to know that even though it was 100% the landlord's fault (he didn't reno the room properly) there is no way for my friend to get any money from him AND he still has to abide by the lease and pay rent.
     
  12. worldmachine

    worldmachineActive Member

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    Here in the UK it is obligatory to have landlords insurance if you are renting out your property. I have a house that i rent out and the insurance is £17 per month. This includes cover for my boiler if that goes wrong and i am also covered if my tenant stops paying the rent for any reason.

    I think the premium is very reasonable and gives me real peace of mind. The insurance is also tax deductible which is a real bonus, well worth the money.
     
  13. polski691

    polski691New Member

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    A similar incident occurred to my brother-in-law too. The landlord was at fault when the housing was damaged due to some faulty wiring, yet he was the one who faced the brunt of the payment. Insurance rarely seems like a sound investment, but in retrospect, it'll be the best one you ever make! This incident made me take insurance myself. The installments may be bad, but I know that they are worth it.
     
  14. E.Mil

    E.MilMember

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    I'm moving in a couple of months and I plan on getting renter's insurance. In the past I didn't see the importance of it and never had it until there was fire in the apartment building that was next to mine. The fire never reached my apartment building and we were fine but that was close and it really opened my eyes.
     
  15. Penny

    PennyActive Member

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    I had it some of the time, but generally not. Honestly when I was renting I didn't own anything that had much objective value and I could not prove it's value in the way most policies require.

    At one point I had one of those straightforward policies where you really just insure against a dollar amount for total loss. No need to show receipts and account for depreciation etc etc and end up getting nothing.

    This year I bought my own place for the first time and of course the insurance was required to qualify for a mortgage.
     
  16. Happyflowerlady

    HappyflowerladyWell-Known Member

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    I did have renter's insuracne and it was bundled along with the same company that had my automobile insurance. Then , the insurance company raied all of their rates, and I could only afford to keep the car insurance, which you have to carry; so now, I do not have renter's insurance anymore.
    However, I really think that it is worth having when you can afford it, even if it only a small amount that covers the basic things you would need to replace if something happened and you lost all of your belongings.
    Even if you live in an apartment where the landlord would be repsonsible should there be a fire, it might still take months and months for all of the legalities, and in the meantime, you would have no bed to sleep in or a table to eat off of. If you have the insurance, it should replace it right away, while you are waiting for the landlord to come through with whatever part he was responsible for.
     
  17. remnant

    remnantActive Member

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    Renter's insurance has not really caught up in my zone. There are myriads of cases of fire outbreaks where people lose property and even lives but there is little follow up. It gets worse when buildings are not registered and are being constructed informally. Homeowner's insurance is the most common here in East Africa.
     
  18. Happyflowerlady

    HappyflowerladyWell-Known Member

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    Now, I really wish that we still had renter’s insurance !
    Our shop was broken into and almost all of my husbaned’s Power tools and other equipment was stolen during the night. We reported it to the police; but since he didn’t have any of the tools marked with anything identifiable (such as his initials) it is very unlikely that he will ever get any of the tools back. Even if the police recovered stolen tools, they would not have any idea which ones might have been my husband’s tools.
    If we had had renter’s insurance, all of those tools would have been covered. Even if we didn’t get them back, he could have replaced them.
    Renter’s insurance is usually not expensive unless you have a lot of expensive items to insure; so this is something that we are definitely going to do very soon in the future.