Renters Insurance? - Mothering Forums

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Old 10-14-2009, 08:52 PM - Thread Starter
 
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I have seen this posted a lot lately in regards to someone's personal finances. Is it that common? Is it a requirement in some areas or is it more of something you think you need? I have never had to pay it. It's never been required or suggested or anything. I honestly thought it was an outdated thing reserved for super spendy COL areas like in NYC.

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Old 10-14-2009, 08:55 PM
 
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I've had renters insurance even as a college student with almost no actual belongings. It was dirt cheap in that scenario. Are there really people who don't carry it?

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Old 10-14-2009, 09:38 PM
 
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Seriously why would't someone have it? No, it's not required anywhere that I know of, but if there is anything that happens to your place, it covers you. Unlike home owners insurance, renter's doesn't cover the building and grounds but it does cover all the contents inside. For example, many years ago there was an apartment above mine and it flooded. This resulted in a LOT of water damage and our place being unlivable for a couple of days. It also ended up destroying some of my belongings. Granted that was in college and the insurance would've probably cost more than all my belongings combined at that point! However now that we're renting again 20 yrs later, our possessions are worth significantly more and something we'd like to protect and be able to replace should something happen. It's really cheap, so I'm not sure why someone wouldn't plan on having it.
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Old 10-14-2009, 09:55 PM
 
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It was required in the lease I just signed (in NY). Once I have the insurance, I have to forward a copy to my landlord. It was also required in the apt I rented in Baltimore. I've never heard of it before where I grew up, in the West, but it seems completely common out here on the East Coast. Maybe it's a regional thing?

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Old 10-14-2009, 10:38 PM
 
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I would never not have renters' insurance, just as I would never not have homeowners' or car insurance. If my rental burns down and I don't have insurance, my landlord sure as hell isn't going to reimburse me for my personal belongings.

A, jammin.gif mama to a boy (2005) and a girl (2009)
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Old 10-14-2009, 11:31 PM
 
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We always had it in CO when we rented. I'm a bit paranoid and that $100 a year to replace my treasures was piece of mind for me. Fast forward 10 years and a house fire later. We own the house but our insurance company will never get back what they have paid out...
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Old 10-14-2009, 11:32 PM
 
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Hi we have renters insurance. where we live it is not required but you do have to sign a form if you dont have it.

We added it to our car insurance and our Bill went down $4. So not only our we saving $4 but we get insurance too!!

Check it out.
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Old 10-15-2009, 01:05 AM
 
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For us it is a condition on our lease. But like above I wouldn't do without it.
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Old 10-15-2009, 12:41 PM
 
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We have had renters insurance since our first apartment in college (we now own a home so it's whole house insurance). It was pretty inexpensive, something like $10-15/month. And since it's typically based on the value of the posessions you're insuring (at least around here that's how it works) if you don't have much stuff, it costs less.
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Old 10-15-2009, 12:47 PM
 
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It's never been a requirement for me, but about 5 years ago I made that change and added renter's converage. It might cost me like $8 a month?
If anything were to occur, it would cover all my belonging which is a great deal for $8 a month.
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Old 10-15-2009, 03:06 PM
 
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We've been thinking about getting renter's insurance, now that we're starting to accumulate some things that actually have real value. But ultimately, it's just not that important to me. Where's the fun in losing everything, if you have to run right out and buy it all again? We have enough of an emergency fund that we can start over if we need to, and that is what matters to me. Ten years ago, I did just fine without all this stuff. I can do it again if I need to.
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Old 10-15-2009, 03:12 PM
 
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I think it's worth it. It costs us $9 a month and covers up to $175,000 in damages/personal belongings. It was a requirement when we moved in (Midwest).

Kristin, sahm to ds Avery (11-15-08) 3 raw fed
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Old 10-15-2009, 03:14 PM
 
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Quote:
Originally Posted by Vaske View Post
We've been thinking about getting renter's insurance, now that we're starting to accumulate some things that actually have real value. But ultimately, it's just not that important to me. Where's the fun in losing everything, if you have to run right out and buy it all again? We have enough of an emergency fund that we can start over if we need to, and that is what matters to me. Ten years ago, I did just fine without all this stuff. I can do it again if I need to.
When you think about every little thing you'd have to replace - food, cookware, clothes, books, music, computers, furniture, bedding, toys - it adds up fast.

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Old 10-15-2009, 03:37 PM
 
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Renters Insurance doesn't just cover the cost of *things*.

Let's say you decided to throw a party and one of your guests overindulges. On the way home, this guest gets into an accident and the driver of the other vehicle decides to sue you as well as the guest. In this scenario, renters insurance would cover the damages to the other driver (similar to home owners insurance); without it, you would be personally liable for any and all damages.

It has been mandatory for all leases I've signed with a property management company (as opposed to a private landlord), but I've had it since I moved into my first apartment. It's cheap (around $100/year) and the piece of mind it provides is worth every penny.

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Old 10-15-2009, 03:51 PM
 
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Like a pp, renter's insurance actually paid for itself by saving us money on our car insurance because of a multi-policy discount. so not only were we insured but our car insurance was less. win-win. Plus if something did happen and we lost everything, it would be fun to get a nice fat check to re-outfit our home. IKEA, anyone?

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Old 10-15-2009, 07:11 PM
 
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I am of the opinion that it's irresponsible not to have it. Especially in a place where there are mutliple units or rowhomes (townhomes for you west coasters ). You never know what those other people are doing in there.

And when you do add up the value of your things, Vaske, you surely wouldn't want to use your emergency fund to replace them. A new mattress is $1000. A new wardrobe, $5K maybe for a family. CDs at $15 each, could be thousands of dollars! Computers, electronics...it adds up. When we got our first policy and added up what we had, it was close to $25K. I'm sure unless you're a super saver, you don't have that in your emergency fund. Not to mention it covers hotel stays, rent for a new place, etc.

A fire can be so destructive, so utterly devestating. I find it unsettling that anyone would joke about it - even sarcastically. There's nothing sadder than seeing a family on the news who just lost everything 4 days before Christmas and no renters' insurance. : It happens at least once every year in my town. So sad.
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Old 10-15-2009, 09:48 PM
 
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We've had it for the last couple years, and there is no way I would not have it. We would not be able to replace even the bare necessities in our house if we didn't have insurance. We have an emergency fund, but with the amount of things we would need, it would be drained pretty quickly. The amount we pay every month is well worth the piece of mind that if something were to happen, at least we wouldn't have to worry about replacing our belongings.

Kirsten, mama to Monkey since May 2007 and Bean born 11/7/09
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Old 10-15-2009, 10:06 PM
 
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So cheap so worth it. The house my apartment was in burned t0 the ground dec.23 2000. I lost everything except my back pack and the pajamas I ran out of the house wearing. Would have lost my back pack too if a fire fighter hadn't happen to see it in his path on the way out the door and grabbed it. I do not know what I would have done without redcross that night and renters insurance that got me back on my feet.

Jenese Mama to Elliot 8/05 and Millie Jane 7/07 and Cecilia Kate 1/11
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Old 10-15-2009, 10:07 PM
 
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Or if there is a fire in your home and it was due in some part to your negligence. Your landlord's insurane company would be coming after you - renters insurance covers that.

I am a private landlord and although I don't require my tenants to have it, I give them a long speach about it.

Wife to DH (06/10) and Mummy to DD (07/08).

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Old 10-16-2009, 01:11 AM
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Where we live requires a million in liability with the apartment complex as an additional insured party. So we are paying to insure damage caused by us AND by them. We weren't notified about this until literally the day before we were to move in. By then it was too late to do anything other than pay for it. We weren't too thrilled to not have been told this ahead of time. It would have been about $38 a month for just us. Adding the complex raised it to over a hundred. Per month. If one of the apartment people cause damage, why should be have to carry the insurance to cover them? But we do.
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Old 10-16-2009, 01:41 AM
 
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we have it.... (well actually its in the car insurance exh and i havent split yet, but we will soon) it also covers your belongings during a move, which is important for military families. ive heard horror stories of whole crates of stuff being lost

*~*Ashley*~* newly single mama to Tristan 10/01/2007
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