PSA--If you rent get renter's insurance

[golfgal]

THere are two stories in our local paper where one woman lost everything in the tornadoes that hit our state a couple days ago and didn't have renter's insurance and another story about an apartment fire where many people lost everything and have no where to go. Renter's insurance is CHEEP and you probably save more with the discount on your auto insurance then the renter's insurance costs you. It would also pay for temporary housing if your apartment was lost due to fire or tornado.

 

[monkeybug]

I don't know if it's a Maryland thing, but all the landlords we have had here require at least $100,000 in renters insurance. It's written in our lease agreement that we must keep the policy current and we had to show proof that we had it with in a certain number of day's (I think 30).
It is super cheap, and our insurance even covers spoiled food in the case of a power outage!

 

[Straitlover]

Amen! I bought my first renter's policy after I came home one day (waay back in 1989 ) and one of the buildings in my complex (not mine!) was on fire.

 

[cteddiesgirl]

Agreed.

I found out about renter's insurance way back when I worked for an insurance company. I have since told people to have it if they rent.

 

[bumbershoot]

We've always had it.

A co-worker of my husband's had an apartment fire...it spread to OTHER apartments as well. He didn't have insurance. His brother (also a co-worker) went around the office asking for donations of household stuff....we did contribute, but gosh, we shouldn't have *had to*...lending stuff while he waits for insurance is one thing...knowing that he doesn't even have a blanket and will not for a long time is another... (not to mention the fact that the brother was asking for people to replace his brother's mp3 player, etc etc...)

 

[NHdisneylover]

I don't know if it's a Maryland thing, but all the landlords we have had here require at least $100,000 in renters insurance. It's written in our lease agreement that we must keep the policy current and we had to show proof that we had it with in a certain number of day's (I think 30).
It is super cheap, and our insurance even covers spoiled food in the case of a power outage!

We lease out our home in New Hampshire and had that written into the lease too. I ask for verification (from the insurance agent) every year that the policy is still current. I thought this was standard everywhere--guess not

 

[golfgal]

We lease out our home in New Hampshire and had that written into the lease too. I ask for verification (from the insurance agent) every year that the policy is still current. I thought this was standard everywhere--guess not

We ask for it as well, to protect US not the renters. The liability portion of the policy should be at LEAST as much as your rental is worth, we require double that amount (mainly because it doesn't cost much more and if they start a fire and burn down a neighbors house they would be liable too). Also, if they do damage to the house that is beyond security deposit levels we can file a claim against their insurance company to pay for the damages.

 

[zachnsamsmommy]

I remember moving out in college and that is the first thing my dad told me. I got in thru State Farm and it was dirt cheap.

It is sad to say, but I think there are some people (few, I hope) that see news stories and the communities rebuilding houses after a fire and think that they don't need insurance b/c their community and neighbors will get them everything they lost.

 

[bdoyledimou]

My rental insurance is $22 a month. It gives me a $35 discount when combined with my car insurance so my car insurance went down by 17 bucks and i get free renters insurance.

My landlord wanted to be named as a benefactor, but my company refused. They pointed out that if they were a benefactor, they could damage the house, and claim on my policy and thier policy.

peace of mind is cheap!

 

[southernbohemian]

I went for a long time without renter's insurance - for some reason I thought it would be like as expensive as a regular home insurance policy and felt like we didn't own anything expensive enough to replace (everything hand-me-down etc.) that would be worth the extra cost. However, when we moved into our current home it became a must because I do have a big worry that the house will catch on fire one day (It's been owned by several handymen/diy-ers who definitely didn't do stuff to code or just went with the cheapest option - Holmes on Homes would have a field day here). I found out that it was actually very cheap and it has given me a lot of peace of mind. I would never live without it again.

 

[barkley]

the other thing to remember is that it's your homeowner's or renter's insurance that covers items stolen from INSIDE your automobile.


if you've every had a car break in you'll find that any items within the car, as well as some after factory installed items (stereos, gps....) are not generaly covered under your auto insurance.

i had a break in some years ago and thankfully had coverage-i'de just picked up a large amount of drycleaned expensive items and those in addition to my car stereo and some nice bottles of wine (holiday gifts to be delivered) were covered under my renters. a friend had her car broken into and lost 2 expensive car seats, an expensive double stroller, her car stereo and other items-no renter's insurance/no coverage


btw-make sure your policy covers temporary housing, not all do or they are extreemly limited. it's also important to see if the policy/company puts a cap on the daily housing allowance rate or goes with your area's reasonable cost for YOUR household's needs. important b/c if a safe, decent place in your area (idealy with washer/dryers for guest use, and mini fridge/microwave in rooms-esp. if you have kids) runs $200 a day (as it does where i grew up b/c it's a tourist draw), and your insurance only pays $100 tops-you better plan to be out that extra money out of pocket or make alternate arrangements.

 

[PrincesCJM]

In my last apartment, I was eventually required to have renters insurance. When we moved in, it wasn't required but after a year or two, they did require proof of it (we lived in that apartment for almost 3 years). I already had it after there had been several apartment fires in the town I was renting in. It was cheap and gave me peace of mind. DH and I are in our twenties and never would have been able to afford replacing things if a fire occurred. Since then, we bought a house and love the fact we are no longer renting!!

 

[DVC-Don]

I had it back in my apartment days. I sell it now and the the discount that you get on an auto policy for multi line often equals or is more than the renters insurance. Several years ago we owned 2 rental dwellings and always required that the tenants carry renters insurance and give us proof. They did not have to buy it from me, but they had to buy it somewhere.