Renter's Insurance: worth it?

  1. As many of you know I moved into an apt last month. Management said they highly recommend renters insurance. I looked into it and it's $12/month with $10,000 coverage. Will cover fire, theft, accident, etc.

    Should I get it? I've rented two other houses and didn't get it. Is it worth it?
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  2. 17 Comments

  3. by   SmilingBluEyes
    Depends, Can you afford to replace everything you own if you lose it in a fire or due to vandalism? The complex will only cover the building and THEIR property. Yours, on you.

    I was never without renter's all the years I rented and/or lived in military housing. The peace of mind was worth it.
  4. by   GardenDove
    I don't know the answer, I never had it, but when I rented I didn't have anything worth stealing.
  5. by   Grace Oz
    we've always had insurance. here in oz it's called; "contents insurance". as smilingblueyes said, can you afford to replace everything in the case of loss?
    $12 a month for peace of mind would be well worth it i think.
    i guess you have to decide whether or not to risk omitting having it. if you decide not to have it, i'd recommend putting the $12 you'd have paid each month into a replacement fund, and then if you do need to replace something, you've got the money, but meanwhile the capital is in your bank earning interest. it wouldn't be a lot of money at $12 a month, but it'd be better than nothing. only you can decide which way you'd want to go.
    personally, i'd take out the insurance.
  6. by   TazziRN
    If you have any possessions of great monetary value, then get it. If you own a lot of stuff, get it. If something happens to the building itself, the owner's insurance will probably cover you, but if something happens in your apartment only or starts in your apartment, you may not be covered by his.
  7. by   muffie
    your 500 books bethin ?

    and all your school books
    computer
    clothes
    furniture

    it's not alot for peace of mind

    you never know

    we have always had it
  8. by   bethin
    So right muffie, it took my a long time and alot of money to get those 500 books (more like 550 now).

    I think I will look more into to it and read the fine print, check with the BBB, etc before buying.
  9. by   Megsd
    I didn't have renters insurance for a long time until a roommate's parents insisted we get it. We had to make an estimate of the value of everything in the apartment, and the amount was staggering, when you add in TVs, computers, furniture, school books, etc., etc.

    As affordable as the renters insurance is, I see no reason why not to do it if it's a reputable company. We had ours through state farm insurance.
  10. by   pannie
    We have rental houses and our insurance pays for structural only. You should hear the crying, posturing and we've even been asked to tell the insurance company the above ground pool, beautiful patio furniture, ect. was ours. We're not into insurance fraud!!! We tell every renter about renters' insurance. They only consider it AFTER they've needed it. It tends to make believers of them. We've had hail storm damage to roofs (that storm shredded the above ground pool and patio furniture) and lightening that blew bricks out of the fireplace. That was covered under our insurance but their TVs, computers, etc. wasn't. Both of those renters now have renters' insurance.
  11. by   sirI
    Definitely get the insurance.

    My dd and family lost everything in a house fire, Christmas a year ago. No insurance. It was horrible.
  12. by   JeanettePNP
    Quote from bethin
    As many of you know I moved into an apt last month. Management said they highly recommend renters insurance. I looked into it and it's $12/month with $10,000 coverage. Will cover fire, theft, accident, etc.

    Should I get it? I've rented two other houses and didn't get it. Is it worth it?
    There was a fire in the apartment building that we live in a few years ago. We did not have renter's insurance. Fortunately the fire did not reach our floor and there was not much damage, however we had to move out for about two months and it was very difficult finding alternate living arrangements without having extra cash on hand. Renter's insurance would have paid our rent while we were temporarily homeless. If the fire had damaged our things we would have been in serious trouble. I think Renter's insurance is worth it.
  13. by   JeanettePNP
    Quote from pannie
    We have rental houses and our insurance pays for structural only. You should hear the crying, posturing and we've even been asked to tell the insurance company the above ground pool, beautiful patio furniture, ect. was ours. We're not into insurance fraud!!! We tell every renter about renters' insurance. They only consider it AFTER they've needed it. It tends to make believers of them. We've had hail storm damage to roofs (that storm shredded the above ground pool and patio furniture) and lightening that blew bricks out of the fireplace. That was covered under our insurance but their TVs, computers, etc. wasn't. Both of those renters now have renters' insurance.
    Well our landlord wanted us to sign a fake lease after the fire stating that we paid double the rent we actually paid, so he could recover that much in lost rent. Fraud works both ways.
  14. by   pannie
    I didn't say it didn't. However, we've never, ever considered any type of fraud. I expect the insurance company to play straight with me and I'll play straight with them. There are dispicable people in all walks of life.

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