Do you have renter's insurance? Is it worth it?

[MissLotus]

When I rented my apartment a year and a half ago, the landlord requested that I get renter's insurance. I'd never had it before, but found I could get it fairly cheaply (it's about $14 a month I think). However, it's still money I'd rather not be spending!

I think he requested this so in case something happened to his house (water damage/fire) I would not go after him to pay for any damage to my stuff.

I never even see the guy, just mail off my rent check (he has a maintenance guy do stuff if need be). I am seriously thinking of cancelling my renter's insurance to save that money each month. Anything material items I have here are mainly of sentimental value....no expensive furniture, etc. I've rented lots of places in the past but have never needed to get renter's insurance.

Should I just get rid of it?

[Stace]

Personally, I'd keep it. I don't think your landlord asked you to get it to cover himself...because in case of fire or natural disaster or whatever, you CAN'T go after them, they are not responsible for your personal property. It's also good in case of a theft...even if the things you own aren't very expensive, it would still cost a lot to have to start again in either case.

[whateverdidiwants]

For how cheap it is, I definitely think it's worth it. All sorts of things can happen - burglarly, flood, fire, etc. You may not think your stuff is worth much, but add up how much it would be to replace even the basics. In comparison, the insurance is dirt cheap.

[JJsMomma]

I'd look at it like this.

If your home burned to the ground tomorrow while your family was away, would you kick yourself for canceling it the week before? Would it matter that you lost all of your things or would you be okay with starting from scratch?

If you don't mind a total loss, than save the $14 a month. I have a feeling, although I don't know you, that you have items in your house worth over $168. That is what you'd pay in one year to save it all.

Just think about it thoroughly before you decide.

[missi66]

As landlords we always encourage our renters to get rental insurance. Our insurance does not cover their stuff.In a disaster how many people can afford to replace all of their stuff? We tell people about it because so many people do not realize it is out there and that they should have it.

[shayinme]

I was burglarized 6 years ago in Chicago and at the time we didn't have renters insurance and I learned the hard way that even though I didn't think my stuff was valuable that it absolutely was. Frickin robbers took the stereo, CD's, even stuff like my cordless phones and laundry baskets (guess they used em to carry my stuff out). We had to replace all of that stuff out of our own pockets and it was costly, so I would highly recomment renters insurance.

JJ's Momma is absolutely right, chances are even buying stuff second hand would cost more than what you would save if you didn't have the insurance.

Shay

[MamaJenese]

Keep it! The house my apartment was in burnt down to the ground about 7 years ago I lost everything. It was crazy how much money I had to sepnd replacing everything.

[MissLotus]

Thank you all for making some good points. I guess reality never struck home because no one had ever mentioned it before (other landlords, fellow renters, nobody!). I'm glad to know it actually works, and am sorry for those of you who found out the hard way.

[newmainer]

yes!! my dh (bf at the time) had the foresight for us to get renters insurance years ago (in college no less!) we lived in the middle of the mnts. with a gate on our driveway. we were in the apt. over teh garage adn both us and our landlords were broken into. thankfullly, we got $ but they stole a custom knife i had made for dh that can never be replaced

[Vanessa]

I'd definitely keep it, too.

[2Sweeties1Angel]

I wish I'd had renter's insurance when my house was broken into several years ago because it would've covered the loss. I had over $1,000 in CDs stolen among other things.

[Malva]

Keep it!

Also, there could be a fire in a nearby unit and your items could be damaged by smoke and need expensive cleaning (like thousands of dollar worth). The insurance would cover that.

[dachshundqueen]

No one has said anything like this, but in the event that you cause serious damage to the property, you could be responsible for tens of thousands in damages - ie. fire was your fault, running water does heinous damage, etc.

It's always good to CYA.:

Liz

[Bartock]

Originally Posted by whateverdidiwants

For how cheap it is, I definitely think it's worth it. All sorts of things can happen - burglarly, flood, fire, etc. You may not think your stuff is worth much, but add up how much it would be to replace even the basics. In comparison, the insurance is dirt cheap.

YUP

[mightymoo]

Homeowners/renters insurance will often cover theft in your car as well. Your car insurance will not cover a personal possession stolen out of your car, but your renter's insurance will. (At least the kind we had did) Consider what you may leave in your car at any point in time - car seats, CDs, a laptop, etc.

[organicmommy]

We have renters insurance where we live and it is not something that I would consider cutting. There are too many chances and for that VERY small amount we spend each month on it, I know that if something was to happen it would be covered. We had to do riders on a couple of things if we wanted them covered but that was like the diamond ring that mil gave us or my wedding/engagement set. Most things are just covered.

I say KEEP IT!!

[MaddieMay]

Keep it. We have renter's insurance and I have never once regretted it. We also have personal article floaters for our video camera, my jewelry, and our computers.

[Justmee]

Another keep it vote. A couple of years ago I spilled coffee on my laptop keyboard. Totally my fault, and it was covered. Repairing the computer alone was worth the whole policy (note I had to add the computer sepereatly). Even if I had dropped it under a bus it would be covered. Renter's insurance is a great bargin.

[RiverSky]

Originally Posted by dachshundqueen

No one has said anything like this, but in the event that you cause serious damage to the property, you could be responsible for tens of thousands in damages - ie. fire was your fault, running water does heinous damage, etc.

It's always good to CYA.:

Totally. I have relatives who had a fire in a house they were renting. The fire fighters claimed it was their fault, saying it was caused by a cigarette butt, but it was iffy, because there was a cardboard box right beside the ashtray that was not even burnt (despite the entire house being damaged and the fire going into several, several rooms and through numerous walls). Anyway, despite that, the report said it was their fault, so not only did they lose all their stuff (not having renters' insurance) but the owner's insurance company sued my relatives (the renters) and ended up getting a judgment for tens of thousands of dollars from them, to recoup the damages. The owner made off just fine, got all the money to build a brand new house, by the way, because he had insurance.

[rosie_plus_one]

Spin-Off

It was one of my resolutions to get renter's insurance and this thread has influenced me to get on it promptly!!

Where did you go to get yours?