Do you have renter's insurance? Is it worth it? - Page 3

[SabraMamma]

I had renters insurance for 12 years before buying (now have homeowners.) In all those years, I only used it once, but I was so thrilled I had it. We came home one day to a flooded apt.- the valve that shuts off the water on the washing machine malfunctioned and we had approximately 600 gallons of hot water throughout our apt. The insurance paid for our stay in a hotel while the floors were being redone and also paid for all of our damaged goods. The landlord paid for the property to be fixed from his insurance.

[MissSJ]

Definately!

Definately keep your renter's insurance and for anyone that doesn't have it get it! This week an apartment building burnt down, it was a five alarm fire that destroyed all 135 units. I am so sad for all of those people : Though renter's insurance can not replace irreplaceable items at least you can replace your household goods.

[mom_2_carson]

ALWAYS ALWAYS ALWAYS have renters insurance, if I wouldn't have had it I'd be over $350,000 in debt because of an apartment fire blamed on me. That kind of debt would be hard to recover from!

Jenn

[cchrissyy]

we've always had it (shop it around! ours is State Farm).
Last year a friend (pregnant with #4) lost everything in a fire from the apartment next to hers. they didn't have insurance and everything they own was burnt or smoke damaged beyond repair.

[oneKnight]

Originally Posted by lolar2

That's right, liability insurance is very important. If you have someone visiting, or babysitting, or anything, they can sue you if they get hurt. This is an even more important part of renter's insurance than the property insurance IMO.

We never have guests, ever, we're never even home, so I don't think it'll be a problem. I am happy with our decision, I sleep fine at night, and that's all that really matters.
The OP asked if we had renters insurance, and I don't. I don't see/feel the need.

[apple_dumpling]

Another vote to keep it!

Dh is military and we usually end up in base housing... I had some people tell me that it was a waste of money because it wasn't my house, etc.

Long story short, we had three feet of water in our house from a hurricane in 2005... We lost almost everything, except for things way up high in closets. True, we didn't have to worry about replacing the house, but our renters insurance paid for our property loss without batting an eye. I don't know what we would have done without it, especially since dd was only a few months old at the time.

It's very inexpensive IMO for what it might potentially cover in the future.

[polishprinsezz]

a deal

i rented this one place for 7 years after the 6th year he reqiered renters insurance. he wanted an extra $150 to my $525 amo rent. but his liability went up and he was trying to sock in to us. a few of his places burned in one year. (a trailer park.)i think he wanted us to cover him. but if its only $14 a mo. i would definately concider it. needless to say we moved to a much better place shortly after.

[ColeysMama]

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.:

Liz

YES!! This is happening to me right now. It's a long long story, but the short version is: GET RENTER'S INSURANCE. IT IS WORTH IT 1000%.

[ColeysMama]

Originally Posted by mom_2_carson

if I wouldn't have had it I'd be over $350,000 in debt because of an apartment fire blamed on me.
Jenn

I am currently being sued for $15,000+ because of a fire blamed on me. That's about half our annual income, btw... :

[weebles]

keep it, and tell ppl that have it to get it. It's not a lot of money for peace of mind. My father had his apartment building catch on fire due to one of the tenants leaving a candle unattended and on the floor and it travelled all throughout the apartment. The tennant and his cat had smoke inhalation and all the tennants in the building had to be evacuated. There was massive smoke and water damage that made it inhabitable. None of the tenants had insurance and had to find their own places to stay for a few weeks and most lost everything they had. My father's insurance paid to fix the building but the insurance company went after the guy in court. The poor guy not only lost his home, his belongings but he will never be able to get ahead as he will never be able to claim bankruptcy to get away from paying back the insurance company as he was responsible for the fire.