Renter's Insurance

Hi

Does anyone here have renter's insurance? Can you tell me what company you use, and what the benefit is? We have started to obtain a few high dollar electronic items- and I think it would be better to be safe and prepared than sorry.

Any thoughts?

I have renter's insurance, but I live in Canada, so my recommendation wouldn't help you.  But I do agree that you should have renter's insurance regardless of whether you have high end electronic items.  Accidents do happen, and insurance covers clothing, lost furniture, lost food, lost miscellaneous items.  You could be surprised how much it costs to replace your furniture, clothing, bedding, towels, kitchen stuff,, bathroom stuff, food, etc etc in the event of a fire.  Not only that, but it will also cover a place for you to live while repairs are being done to the premises or until you find another place to live.

Natalie_ca said:

 
I have renter's insurance, but I live in Canada, so my recommendation wouldn't help you.  But I do agree that you should have renter's insurance regardless of whether you have high end electronic items.  Accidents do happen, and insurance covers clothing, lost furniture, lost food, lost miscellaneous items.  You could be surprised how much it costs to replace your furniture, clothing, bedding, towels, kitchen stuff,, bathroom stuff, food, etc etc in the event of a fire.  Not only that, but it will also cover a place for you to live while repairs are being done to the premises or until you find another place to live.

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How much should I expect to spend a month? Is there  generally a deductible?

Nebula said:

How much should I expect to spend a month? Is there  generally a deductible?

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I pay $22 a month, $1,000 deductible. I'm also in Canada though so it's not going to be the same.

I have never had renter's insurance but have had lots of renters. They are always surprised when they find out MY homeowners insurance doesn't cover any of their stuff. I would call around to several insurance companies and get quotes, there are so many out there you should find several in the yellow pages. It is VERY worth the 10.00 -  25.00 or so a month to cover every thing you own, and a lot cheaper then a homeowners. Post back with what you find!

Yes, call a good insurance company. Renters insurance is not expensive.

I found Geico to be cheapest at $15.75 a month , for a $250 deductible and $10,000 in coverage........... I am going to sign up.

I pay $300 per year for $50,000 coverage, which I believe is under insured, but I couldn't afford to increase it when it came up for renewal because I'm off work at the moment.  My deductible is $500.00.

I  get a discount for several things: 

Non smoking building

Near a fire hydrant

Building has backup flood stuff

And the fact that I've never had a claim.

Nebula said:

 
I found Geico to be cheapest at $15.75 a month , for a $250 deductible and $10,000 in coverage........... I am going to sign up.

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You need more than $10,000 coverage!!!!

Go price out how much it would cost you to replace all of your stuff NEW!

Here is an example for me to show you the price:

Loveseat $1800.00

Coffee Table $500.00

Dining table and 4 chairs $1,000.00

End Table  $300.00
TV  $400.00

Computer Desk $400.00

Deep Freezer   $700.00

That's $5,100.00 just for that.   I haven't included my washer and dryer, bedroom furniture, clothing, small appliances, dishes, cutlery and knives etc, bedding, towels, grooming products, makeup, perfumes, jewellery, clothing etc etc

I helped my brother price out his stuff after a fire in his house. I spent 4 days at Safeway pricing out grocery items.   Just the food alone was over $2500.00

I have State Farm and pay $10 a month but I also get a discount because I have my car insurance with them.  I don't know how much the renters insurance alone would be.  It covers up to $26,000 for personal property and $100,000 liability limit.  The liability is the main reason I got it.  I didn't realize until I went back to renting that renters can be held liable for damage that they cause to a building such as one of their appliances causing a fire.

I live in Canada so I won't be much help either. My landlord had giving proof of insurence as a lease condition. Otherwise, I probably wouldn't have got it when I moved in since I owned a small suitcase of clothes, an ele tric kettle, a mug, and nothing else. A few years on I have more and I'm happy knowing I'll be able to replace it if there's a disaster. I pay about 15$ a month.

My brother has renter's insurance with State Farm. I don't know the details except he said it's pretty cheap since he has his car insurance with them too so he gets a multi-line discount. Right after he got the insurance, his neighbor's washing machine overflowed and it flooded half his living room. Fortunately, the landlord took care of it and he didn't have any furniture in that section, but we were teasing him about how the company would have been suspicious if he filed a claim that soon :tongue2:. I'll ask him how much it costs, his deductible, etc., the next time I see him.

The requirement is on my lease but I have never been asked for proof of insurance. 

I have added up all my stuff, it is about 100k,!! I had no idea

I'm not sure how much mine covers. My husband takes care of that stuff since he's an insurance broker. I know I thought it was pointless at first until I thought about all the stuff we'd have to replace.

My complex requires all renters to have renters insurance. It protects in case your home is burglarized or in a disaster like if the building caught on fire. It even covers items lost that were in your car if say it was broken into. I'm with allstate right now and mine is about $16 a month

What did you decide?

We are going with state farm, $20/ month

What kind and how much coverage does that give you?

If you graduated from college, check with the alumni association if there are any insurance discounts. Mine does with a big name insurance company and the discount is 20%, I think.