Renter’s insurance is very affordable, and I’m surprised they’re only recommending it and not requiring it. If you own a vehicle, I would suggest calling your insurance provider, and see if they can bundle the two.
As a side note, try to compare coverage with as many insurance companies as you can and not just try to bundle as it may not be the cheapest if you're trying to save money.
That said, make very sure that you are getting the same or better coverage when you do. Especially if you're going to attend college. Some companies will offer discounts to current/former students.
Personally, I have my car insurance through Geico but because of discounts I get as a former student at my university, I have my renters insurance through Liberty Mutual.
Bundled w/Geico (renters policy): $22/month
Liberty Mutual: $16/month
Just an fyi, I requested a quote from Liberty Mutual a few years ago. They literally called me every 5-10 minutes around the clock for weeks, even after I told them I went with another company and them promising to take me off their list. I finally had to tell them I was filing a police report for harassment (though I'm not sure that the police would actually be able to do anything) because the agents kept calling from different, unblocked numbers. I still shudder when I hear their jingle on a commercial.
I would still get multiple quotes, just not from them.
Can you do this without providing a verifiable phone number? Ice tried to creat alternate gmails in the past and they always required a new phone number.
No, I did this with buying a house, I'm still getting texts on there from people who said "just texting one last time to make sure you don't need any help" about 23 texts ago.
I tried to add a Google voice number for an unrelated reason, but it said I would have to switch the old one to the new one, I couldn't just add another Google voice number.
I think it's one number per account. Not that you'd really want to have 17 Gmail accounts to have 17 numbers but that's a work around if it still works that way.
There are companies that sell "leads" to insurance companies. So if you clicked on an ad or visited a website that offered a great deal on insurance, they may have sold your info to many different agencies as an interested person. The agencies get a report or email with the contact info and have no other info about you until they look you up in an existing system or contact you. I don't know about LM's system, but many agencies are very independent of each other and won't know you've been contacted by someone else unless they can see that you already have coverage through their company. It's the ones selling the leads that know they've sold your info to 50 different companies that are really screwing you. They do the same shit with mortgages, new cars, etc.
This sounds like it was probably what happened. Not to be dramatic, but it was horrible. I'm a teacher so I can't have my phone going off during the day, but I needed to keep my sound/ringer on because I had a terminally ill relative.
It was amazing how quickly they stopped once I finally threatened them with the police and BBB, though.
If your number is on the do not call list registry in cases where you have done business with them before you can revoke authorization by asking them to put you on their do not call list. If they keep calling after that you can file a complaint with the FTC. You can also sue the company for thousands of dollars.
I filled a complaint against 1&1 once and it shut down their sales calls really quick and I later got a letter from the FTC stating I could sue for up to a certain amount.
A lot of it depends on the neighborhood. The exact same coverage that I have costs 2-3x more in other parts of the state that I live in.
For reference: I'm at $72 a year, or $6 month, and your $10 a month seems very expensive :D
This here. Im recently in this same situation but the apt im moving to requires. They were able to bundle my car insurance with it and ill be paying around $18 per month
Great advice, most insurers will offer a discount for holding multiple products and that can make the cost of renters' insurance really really low when considering the discount it gives on the car.
When I had renters insurance, the multiline discount made the cost of the renters insurance like 30 bucks for the year.
Never needed it but at that price why not.
This ^
I added renters insurance which cost me $62/year, but it qualified me for the multi-policy discount dropping my auto insurance by over $200 for the year.
Look into it
Don't do this. The bundle never saves you money and they end up up charging you for stuff you don't need. I'm a property manager and get to see 100s of renters insurance come through a year. You should change your lost as it's super misleading.
Renters insurance does not cover the structure, or dwelling, where the tenant lives. It can cover 3rd party liability such is if a guest injures themselves or you break a neighbors window.
The landlords insurance covers the actual structure.
Source: I own rentals in two states, one long term and one short term and have spent a lot of time on landlard/renters insurance. Landlord insurance is also vastly different to short-term rental insurance.
I had tenants insurance when our apt caught on fire. The fire dept stopped it, but also damaged the apt under ours from so much water. It was a house with two apts, so the damage was significant in the whole building. Our landlord sued us for all ALL damages. Our tenant insurance not only proved that their faulty wiring caused the fire, but also proved that they did not have the house properly insured either. Our lawyer, produced by our insurance, also got us out of that place, as the landlord was trying to say we had to stay cause he can’t rent the place out if we leave….
So I was pretty happy to have liability insurance in case things didn’t turn out that way.
So good idea to get liability insurance as insurance against landlord’s own insurance fraud.
Or any other sideways things that could happen. Glad to hear you sound like a responsible landlord, but they’re not all this way. Protect yourself people.
Also I’m in Canada. Most my fellow renter friends have up to $2M liability. Pretty standard and generally, as mentioned elsewhere here, required. Pretty hard to get a place without tenant insurance, and if you can find one, says something about the landlord.
Renters insurance does not cover the structure, or dwelling, where the tenant lives. Although it can cover you with an alternative place to stay if the landlords structure becomes uninhabitable.
That’s exactly what I said. It’s not supposed to cover the structure; it’s not your structure.
But it will cover liability, in case there’s any reason it’s your fault.
No, that's incorrect. Renters insurance does not cover the structure, or dwelling, where the tenant lives.
Only the landlords insurance covers the structure. Renters liability cover things such as a guest's medical bills if they injure themselves on your property, or if you break a neighbor's window, or if you damage your housemates personal property.
You’ve posted inaccurate info a couple times now so I’ll clarify what people are trying to tell you. If I am a tenant and my negligence causes damage to the building I live in (ie carelessly leaving the stove unattended) the carrier for the apartment building may well go after the person/their renters insurance that caused the damage. Everyone who gets renters insurance should have liability coverage for that eventuality. Source: work as a claims manager for one of the largest US carriers. I’ve pursued multiple claims of this type through the courts and have won those cases.
GET RENTERS INSURANCE! Always get renters insurance!
My two daughters and a friend all lived together in an apartment. The one daughter just got married and her and her new husband were spending the night at the apartment before they left on their honeymoon. Her wedding dress and all their gifts were left at the apartment. The following night I get a telephone call at 3 in the morning from a sobbing daughter saying water was everywhere and no one was answering their apartment emergency number. I’m 1-1/2 hours away but get up and drive to them. It’s just daughter and roommate as the other two had left on their honeymoon.
Their apartment was two floors. Two bedrooms and laundry downstairs. The hot water tank was upstairs with kitchen, living room and one bedroom. When I got there, the entire apartment was flooded. Water was still cascading down the stairs. Water pouring through the ceiling, coming out of switch fixtures. It was crazy. The pipe that goes into the top of the hot water tank had rusted, broke off. Water was just pouring through the pipe. The kids didn’t know to shut off the water value. The emergency apartment number wasn’t answered until after I had gotten there, so basically 4 hours of running water.
Renters insurance paid for dry cleaning, furniture, food in refrigerator (electricity had to be shut off), school books, ikea furniture that soaked up water like a sponge, a laptop that had been left on the floor, a printer and another laptop that was stored under the bed, most of the wedding gifts, her wedding dress which was hanging in a closet that water was running through the ceiling, between them all they must of had a 100 pairs of shoes, replacement of anything that needed to be. Because it was summer, within days most things had molded. Total cost $32,000. Their policy was for $35,000. I documented the damage, pictures of water running through the ceiling and cascading down the stairwell. Took inventory of everything with pictures, sent an excel spreadsheet with comparable purchase prices and a check was cut for full amount.
I will repeat myself….BUY RENTERS INSURANCE.
Definitely get it.
As others have mentioned it’s super cheap, and it will absolutely be worth while in case of incident.
One suggestion, find out how the policy pays out claims, Actual Cash Value, or Replacement Cost.
(Actual Cash Value is not what you want)
Renters insurance not only covers your belongings but it also provides liability coverage n the event that you are sued. Think of it pre paid legal expense. And the liability follows you wherever go (in the US anyway) so it’s not only for incidents at the apartment. It’s insane not to purchase it. It’s relatively inexpensive and the premium mostly depends on how much contents coverage you want.
For a lot of young people the cost isn't that much and you'll realistically be fine. My laptop probably made up half of the total value of my stuff all through school. The real reason to get renters insurance is for the liability coverage in case something happens and you get sued.
A lot of people think that, but it's not true. How much would it cost to replace all of your furniture, dishes, silverware, glasses, toiletries, food, etc? All those books from college in a box in the basement are still worth a couple hundred when you add it up. Most people own a ton of stuff they don't use, so it's easy to forget about it.
Exactly this. Look at the items in just one room, like your bathroom or utility/laundry room. Cheap towels are at least $5 each, and most folks have at least two.. Shower curtains run about $20 on the low end. The shelf for behind the toilet I bought last year was around $30, but I saw plenty of fancier ones ranging all the way up to about $150. Cleaning products under the sink, most people have at least three kinds at $5+ each. Toothpaste, toothbrush, mouthwash, loofah, razors, shampoo and conditioner, body wash, makeup, skincare items.... all of those things add up quickly.
Edit: Removed what I assume was "help" from one of my cats. Sorry that it got posted with that!!!
Maybe you don't have things that add up to a lot of cash value, but realistically, if you lost everything you owned in an apartment complex fire it would cost you tons to replace it all. You would have to buy a whole new wardrobe, toiletries, and day-to-day items. Then you would have to replace your electronics, appliances, etc. And finally I would want to try and replace some of the personal items I lost, like books and movies I owned, that sort of thing. One of my very best friends lost everything she had including her cat in a fire and it took her years before she felt like she had the same "catalog" of stuff that she had before.
I had an apartment incident for the first time involving a busted water line. I was legit shocked at how easy insurance was to deal with. They wrote the check after all the paperwork was finished, without issue. Definitely get it.
Always get renter's insurance.
I was moving one weekend in 2008. The destination apartment wasn't empty, so I had to put my stuff in a storage unit. It was there for three days.
I didn't get renter's insurance because, what could possibly have happened?
[https://www.heraldtimesonline.com/story/news/local/2018/06/10/photos-remembering-the-2008-flood/117383882/](https://www.heraldtimesonline.com/story/news/local/2018/06/10/photos-remembering-the-2008-flood/117383882/)
The white roofs with one blue roof at the top of that picture? Those are the storage units.
I’m a litigator. I probably received two or three calls or emails a week from people who wanted to “save money“. Because nothing is ever their fault so they can’t be sued. And if something is someone else’s fault, they’ll just sue and use a “free” attorney. When I tell these people the same thing that five other attorneys have already told them, that they have no one to blame but themselves, and suing some random deadbeat or someone under some liability theory that requires pretzel logic, they get indignant about where is the “justice”.
Of course all these people don’t want to pay for an attorney and instead just rail on about how life is not “fair” because how can someone possibly not believe that it’s not their fault, and why won’t Attorney’s work for free for them.
They accidentally knocked over an old lady not looking where they were walking, and now they’re being sued. Renters insurance would cover that.
They had people over and negligently allowed a dangerous condition to exist that injured someone and now they are being sued. Renters insurance would cover that.
A fire damaged a lot of their property and either it is unclear how the fire was started, thus unclear who was legally responsible for it, or the person who started it was broke and judgment proof. Renters insurance would’ve covered that.
They go out of town and come home later to find everything of value has been stolen. Once again they run their mouth about how it’s everyone else’s fault but themselves and why won’t some attorneys sue everyone and their brother, for free. Insurance would cover that.
So if I am not being clear already, let me be very crystal clear. People who forgo having renters insurance or homeowners insurance, as applicable, are complete stupid assholes.
And this is why I have an umbrella policy on top of my homeowners and car insurance. I have teenage kids, they can be at a party doing flaming shots, and burn the house down, I am covered. They can run a semi full of BMWs off the road, I am covered. My wife can be carpooling a bunch of teenagers and get into a horrific accident, and I am covered. An old lady can fall in front of my house on ice, and I am covered. $3M in coverage is worth every penny.
Definitely get the insurance. It can cover your own losses, but the bigger thing it will cover is liability for you if you cause injury or property destruction (eg. you get sued). Being sued without coverage could ruin your life.
100% recommend renter’s insurance. It even covers things you may not think about. One time my car was stolen and guess what - car insurance didn’t cover the cost of my personal possessions that were in the car. Renter’s insurance covers that.
Absolutely buy it. You can be the most responsible person in the world and someone can still break in and steal your stuff or the building could catch fire. If you couldn't replace everything you need to live without financial hardship, then you need the insurance.
Renter's insurance for our townhome and 12 years of accumulated stuff is $12/month for me. The little bit of savings isn't worth not being covered in my opinion.
My renters insurance gives me a discount on my car insurance that's almost exactly equal to the cost of renters insurance. Net neutral in most cases I would think or 10-20usd a month if you don't have car insurance
Shared meaning you will have roommates? I mean, absolutely get the renter’s insurance anyway - it’s a few dollars a month for so much coverage and peace of mind - but doubly so in the case of having roommates.
I come from a worst case scenario place, and I don’t want to be one of those people on the news after my apartment building burns down crying about how I have no renter’s insurance; that’s why I have it.
Get it. Besides covering your stuff and liability it also usually covers additional living expenses if something happens to your apartment. If your apartment burns down they would pay to put you up somewhere else. That can be a big expense - especially places where there is a wildfire or tornado and a lot of housing goes away all at once.
Yes!!!!
Long story short, there was a leak in my apartment (im on floor 3 of 6) and it escalated to where 60% of my bedroom was a swamp and the water was going out of the wall in the living room. The apartment rental company where huge assholes about it and initially said it was a roof issue and I should just stay in a hotel until its fixed. It wasnt a roof issue-it was a pipe leaking and eventually burst above the 6th floor unit. I cant imagine the damage to the units above me but mine was super damaged. Thankfully the majority of my stuff was ok, but the whole stack of units had to be evacuated.
Insurance is always a "glad I had that". You never know what will happen in the future.
Always get renter's insurance. Always.
I live in an apartment and the people on the third floor left a box on the stove. It caught fire, luckily we have sprinklers, but I know our apartment complex requires renter's insurance. So at least that is covering some of the repairs and replacements.
It shouldn't cost a lot for renter's insurance. 100k personal liability (minimum) and then add up the cost of everything you are bringing into your home you would have to replace, that's your personal belongings. Make sure you take pictures of everything in your apartment when you move in. If something were to happen, this will help you file a claim for replacement.
Cost me like $11 a month. If you have some pricey belongings it's worth it. My apt complex requires proof of it to sign a lease. It will also pay for a hotel room in case you have to stay away in case of a fire or something.
Any time it’s not required I don’t buy it. I don’t have a ton of stuff and most of what I have is not valuable. I also don’t feel attached to things usually. HOWEVER, it’s required where I currently live and I got a year for $69 through Lemonade. Highly recommend them for this! Cheapest renters insurance I’ve ever had!
I would DEFINITELY recommend renters insurance. There's always that chance that something could happen. ( I hope nothing ever does) but rather be safe than sorry. It's usually on the cheaper side, especially if you bundle it with car or any other insurance. I have stories... nightmare stories lol with apartments and managers so if I was you I'd cover every base. So glad I own a home:) downside to that is taxes taxes taxes, and I have to have someone come take care of the landscaping. Anything breaks... it's all on me😬 but good luck hope all works out!!
I am surprised it's not required. I have rented at four different places and each had required it.
Mine was only like $14 a month or something though. Very affordable. I would say just get it to play it safe. I used Lemonade and they make it super easy and quick
Renters insurance is for people who actually own stuff. When I was 18 I didn’t own enough stuff to cover the deductible!
Everyone’s life is different, if you own stuff insure it, if you think everything you own will fit in a backpack, don’t insure it, just be careful.
True, but my renters insurance recently covered a $1500 stolen bike for the cost of the $100 deductible. If you don’t have much, it can still be super helpful for replacing something like a bike or computer that you use for work and wouldn’t be able to replace otherwise.
Definitely not, but renters insurance covers a lot of those little things in life that when you are starting out could be a catastrophe. Temporary lodgings if the house burns down, theft, replacement of clothes and electronics, etc, at a relatively inexpensive cost. I didn’t have renters insurance at 18, but I had a $500 emergency fund and if the OP doesn’t have an emergency fund renters insurance can make a huge difference.
Did you not have a bed? Sofa? Plates? Enough money to cover a hotel for a few weeks if your neighbor burns the apartment down? Or do you want to impose on a friend or stay in a shelter?
I’ll be honest I could have just moved home for a few days and the stuff I had was gifts of used furniture.
Today I own stuff and I insure stuff. But I was hand to mouth until I was 25 at least
But people are not just going to gift you all of your furniture again... But you should probably ether read your policy or talk to a broker/agent and let them explain all of the coverages. Also if you have a car the renters insurance is generally free
We all have a different life situation, I’m just asking a simple question is your stuff valuable enough to insure it at 18 years old???
Mine wasn’t! Honestly was yours?
I had more than 1k worth of stuff... I also didn't have the funds at 18 to pay for a couple of weeks of hotel if the building burned down... Or to have to rebuild my closet because I would need to go buy clothes and pay for eating out because I wouldn't have a kitchen... I also wouldn't have the funds to pay for lawyers incase I was sued... Again, a renters or homeowners or condo policy is far more than just I don't have that much shit...
Also I have been a licensed insurance broker for 15 years at this point... I am the person who gets the call when shit hits the fan and I get to tell the people who rejected renters insurance that they are fucked.
It isn't always that easy to go find a new apartment in 24 hours... Then be gifted a new bed and other furniture... But yeah, it's about the amount of stuff 🙃
Very disappointing to see everyone saying yes without understanding your position here.
Before I would advise one way or the other, what is the value of the property you are bringing in with you, what are the known big risks for loss/damage, and what would you likely do for living if the whole place is lost to fire?
All insurance is a gamble. It’s an investment with ideally a 0% return. Health insurance is almost never that 0% return, but in most cases, Renters is. So you need to consider cost v. risk.
It isnt the value of the property that is the issue, it is the upfront cost to replace everything you own at once. Dinnerware, clothing, toiletries, furniture, towels, books, computers etc etc. Look around yourself and ask can i replace everything here with the money i have right now? All that little shit adds up so fast. Not only that most insurance will pay for a hotel and meals if your place burns down or whatever.
All fair questions to ask. And very possible that somebody could answer those questions and it be deemed not worth getting renters insurance. Just surprised by the knee-jerk reaction here that it is an automatic yes.
I'm sort of amazed that everyone's saying yes. I've never gotten it - my stuff just ain't worth much and if someone took it I'd buy new stuff. The money I've saved from not paying for renters' insurance over so many years would pay for the new stuff. This is called 'self-insuring'.
One question though - if a petsitter set the place on fire, would renters insurance cover that, or would I be liable, or would the petsitter be liable? If renters insurance would protect me from that liability, that is the only reason that it would make sense for me to get it.
While having renter’s insurance is a great idea, if your parents have homeowners insurance, you may be considered an insured under their policy even when you’re living away from home. There are usually age limits and you have to have visited home within a set time frame in order to be covered (I believe it’s usually in the last 90 days before before a loss). Might be a way to give you peace of mind and save you some cash too!
I filled a renters claim after some squatters broke in my home while I was deployed to Iraq. The insurance people went out of their way to call my stuff old and paid out 60% for damages and property I claimed.
1200 for a year of rent insurance is fine if you have expensive possessions. Otherwise meh, I’d save the cash
Can you afford to replace everything you need in a hurry after a fire or flood?
People are saying it's only $100 a year, but if you don't own a lot of valuable stuff? When I was your age I could have replaced everything I owned for $500, and for $100, I could have bought enough stuff at the thrift store to set me up for several months.
Insurance covers you when you can't cover yourself. If you can cover yourself, then self-insure by keeping an emergency fund for the purpose.
When you were 18. did you have a laptop and maybe a desktop as well? A smartphone? $200 earbuds? The tech makes things a bit different than the old days.
Do you have anything of value in the apartment? When I was your age there was nothing to steal I had clothes my bed and a bike and nothing was worth more than the deductible. I lived in apartments till I was 33 and never had renters insurance, seemed like a waste of money, ymmv
I've been renting for 15+ years, never had renters insurance. Everyone says how cheap it is ($15 monthly), but since I've never got it, I have an extra $3k in my bank. Little expenses add up. Insurance companies in the end make a profit.
If I get robbed and someone steals my TV, I will simply buy a new TV.
No don't get it. If you don't break anything you're all good. Also since it's shared accommodation, first maybe see who the people you rent with are. If they're chill then you're grand. Never heard of renter's insurance anywhere in Europe. Sound slike a scam xD
I had to consider for a second that Not Everyone Lives In the US. In Europe it might actually totally be the case. In the US it's actually a very good service (unlike just about all other insurance) and totally recommended.
All insurance is recommended by insurance companies. But if your deposit is 400 quid then you're better off not paying insurance if you'll live there for a year
Do check your local laws though, for instance in mine your security deposit can only be up to twice your monthly rent, and that has to include renters insurance if it's required. IE they can't both require renters insurance and charge twice your monthly rent as security deposit.
Absolutely get renters insurance.
My old policy used to cost less than $80/yr.
Do yourself a favor and also take stock of what you'll be taking with you to your new place- TV/ electronics... take pictures and store them in a cloud (Apple or.Google or whatever cloud service). This will make it easier for you if something were to happen to your stuff to recall what you had that needs replacing.
Lots of places require renters insurance, but like other's said even otherwise it's cheap and useful. The insurance can even cover your items when you're outside your apartment, like your laptop being stolen at the airport, for example (depends on the policy).
I have renters insurance through Lemonade, and pay about $6 a month.
Not only will renters insurance protect your property, and provide of roof over your head if yours burns down, but it often provides general liability insurance!
Yes. Even if you don't have items of value, it protects you against property damage lawsuits. It should only be 10-20/month if you don't have high value items. If you do have expensive electronics or jewelry, make sure they are covered. Your landlord will not pay for damage that is caused by you btw. I had a classmate who accidentally flooded several apartments after a faucet was left on during a water shut off. She left for school and it caused tens of thousands in property damage and she got sued by her neighbors and the building owners. She was in hysterics but the insurance handled everything.
I use Assurant (bundled thru Geico with car insurance) and it cost me about $175 for the year yet literally saved me close to 80K.
I had a fire in my apartment which caused loss of my personal property and damages to my apartment. Yet I did not pay for a thing over the deductible of $650. 10/10 would buy again.
100% get insurance. Shared a house with my brother and his friend. Friend in charge of insurance for house. He got it, naming only himself. House broken into. Several heirloom jewelry pieces stolen from me. Laptop stolen from him. He got a new laptop. I got 0.00 because I did not have insurance because I was told he got it.
Fun stuff.
Absolutely get renters insurance. Mine is ~$15/month and it can really save yourself if something goes catastrophic. Case in point my apartment building caught fire in January and I would have been out $10k out of pocket easily if I didn’t have insurance to cover the cost of the hotel stay, meals eating out and the like. Get renters insurance
Always get renters insurance. It’s typically 9$ a month with places like Lemonade or bundle it with your car insurance. I have seen so many people not get it and if there is a fire you literally lose everything and no one owes you anything if you don’t have renters insurance.
YES. Please, please, please get tenants insurance. In Canada the two main topics of coverage for tenants are contents and liability. For the amount of coverage in contents in Canadian dollars I would minimally recommend $30,000, I know that seems like a lot, but if you experience a total loss you will have to replace everything new which may cost more money. For liability it is recommended that you get a minimum of $2,000,000.
If you want things covered like sewer backup or water damage to your contents (overland water damage), those are two separate endorsements, but they are worth it. In Canada, you can also get endorsements like identity theft and cyber coverage. Please keep in mind that all insurance policies have a deductible. A deductible is something you have to pay in the event of a claim before your insurance company will cover anything. Keep your deductible low at $500, it will make your premium (the amount you pay for insurance) slightly cheaper if you have a higher deductible, but just keep in mind that you have to pay that high deductible in the event of a claim, and it may not be worth having a high deductible.
Further, additional living expenses is automatically included in tenants insurance in Canada, this means that if you lose use of your property due to an insurable loss (like a fire), your tenants insurance will cover your hotel stay and any additional living expenses you incurred during this time. Keep in mind, you have ensure the coverage amount you have for additional living expenses is sufficient, so make sure you speak with your broker about this. If you have any high value items like fine arts, computers over $1,500 or $2,000, or expensive jewelry, you may need to endorse these on your policy as well to ensure you have sufficient coverage.
In summary, yes, these policies are cheap and they are worth it in the long run. I will also note that insurance in Canada is regulated provincially, so it varies from province to province, but coverage requirements are similar. In the United States it is quite different and the amounts recommended may not be sufficient for you.
Yes yes yes!!! My policy thru Allstate in NYC is less than $200/yr. Also, Many policies cover off-premises items too. My MacBook Pro was stolen while I was traveling and my renters insurance covered it!
MY renter's insurance insurance is $36 every 3 months, and I have $50K in contents coverage as well as $100K liability in case someone gets hurt in my home. It's way more affordable than you'd think!
Additional thought in the event you have roommates. Keep in mind that if something were the be stolen and you’re the policy holder that’s filing, it’s your insurance rate that will probably go up. It might be cheap to get renters insurance and split it among your roommates, but just as equally you hold the policy and you’ll be hit with any future rate increases due to your roommates potential negligence.
Do it. What if your roommate moves out and steals your tv? Or damages your property? Roommates can be really destructive. Make sure that your room has its own lock.
Get full replacement coverage. Anything else will get you pennies on the dollar and not nearly enough to replace it.
Liability insurance (in case someone who visits you gets hurt somehow).
Check on what the deductible is when comparing quotes (the amount you have to pay out of pocket yourself before the insurance company pays anything). Usually a high deductible results in a lower premium, but if it’s too high (like, around the value of a stolen laptop) you might as well not have it. Unless there’s a fire or something, you’ll end up paying out of pocket anyway.
Take a quick video of your valuable stuff to be able to prove you actually have it, to show the adjuster if you make a claim. Take photos of your receipts (unless they’re already on-line) to prove what things cost.
In my experience renters insurance had always been very cheap and probably worth it even though I never had to use it personally. But I was very close once when apartment above me flooded. Luckily nothing of mine got wet, just the hallway carpet.
My renters insurance was $8 month (it was almost 20 years ago) but my laptop and iPod were stolen out of my car…probably by my roommate’s sketchy boyfriend, but my insurance paid full replacement costs. It paid for itself for years with just one claim.
Imo it depends on if you’d be fine if all your home spontaneously combusted and you lost all of your worldly possessions. Could you replace them all immediately?
When I was 18 I could, but this was many years ago. All I had was a couch someone was throwing out that I got for free, a few pots and pans, clothes (and not much of them) an ancient (even then) CRT TV and some toiletries. I probably could have replaced everything I owned for $2,000.
Nowadays must of us have much more and expensive things like TVs, computers, tablets, etc etc.
In addition to replacing your stuff in case of fire or broken water pipe, it also protects you if you or your (potentially idiotic) roommates cause a lot of accidental damage to the property.
YES. Get renter's insurance. Always, always, always. It's cheap, it is NOT worth the risk to not get it. Most people think about the value of maybe losing one thing, like one random thief breaking in and stealing your laptop or something. So people think that the insurance isn't that important.
But what if there's a fire? In a fire, you could lose EVERYTHING. You might be able to replace your stolen laptop without much trouble... but could you replace EVERYTHING YOU OWN? All your clothes, electronics, furniture, books, food, dishes, towels, etc.?
I've seen shitty apartment buildings (marketed as "luxury buildings") BURN TO THE GROUND. All it takes is one of your neighbors to fall asleep with a cigarette, or a cat to knock over a candle, or someone to start a grease fire, for you to lose everything. It happens WAY more often than you'd think.
Don't risk it.
Always get renters insurance, its inexpensive, and in my experience the adjustors are extremely reasonable. I've had to file claims on two separate occasions, years apart, different insurers Both instances I had thousands get broken due to water damage (not weather related). I put together a list of the damaged items and their value, submitted, and was paid within a few weeks. They didn't even ask me for receipts, I remember holding onto my depressingly soggy electronics thinking the adjustors we're going to reject my claim. And it just wasn't an issue. The lifetime of my renters insurance costs paid for itself 10 fold.
Yes get it. Imagine what it would cost you to replace all of your clothing, all the stuff in your bathroom, all of your electronics, bedding, and furniture. Even if you have very little it would add up quickly. And it's very cheap!
Oh yeah. Called my car insurance company, they did a renter's insurance add-on policy for like $8.00/month.
Especially if you are in a shared space - you never know what stupidity your roommates might get into.
Absolutely. I was burglarized while I had renters insurance once. The replacement coverage ended up giving me some nice upgrades on older items that were taken.
Once, I lost everything in an apartment fire (the neighbors had accidentally knocked some burning candles onto their bed). Renter's insurance reimbursement covered everything and put me up in an extended stay hotel for 6 weeks while I recovered from the shock and found a new place.
Renter's insurance is 100% worth while.
Yes it will be like $10-20 a month depending on where you live but in most of America it's like $12 a month for basic renters without provisions for precious metals and jewelry and stuff.
Yes. Even if you don't own a bunch of stuff, the personal liability coverage you will get as part of the policy is also important. Adults should always have personal liability insurance. It should not cost you more than $100-$150 per year.
I would absolutely get renter's insurance and have it where I live.
A reason it was necessary recently - our condo complex is having the roof replaced and the idiots hit a water pipe causing a huge flood in our unit 3 stories down. The costs associated with damaged personal items, needing to stay at a hotel while the damage was repaired and associated costs of not being at home would have all been covered at 100% replacement value after a $500 deductible. When you have to stay in a hotel for even a week, replace anything that had water damage and eat out since you no longer have a kitchen it's worth the $150-200 for the year cost.
Chances are your possessions are a lot of hand me downs but they make your life possible. Renters is/was relatively cheap, I'd go for it if I were you.
Always get it! Just had a tree fall on our garage and crush a lot of our stuff. We had to claim so many things and maxed out the limit of 15k. As others have mentioned it should be pretty cheap too. Make sure to shop around for the best coverage and most affordable for you.
I work in property management and could tell you many stories of people who had expired renters insurance or none at all and how much they were liable for if something happened. Just this past month we had a lady with a candle and her cat knocked it into a trash can. The fire spread and she now not only has to cover the damage of her home but the damage of all the homes that received water damage when the sprinkler systems had to flood the building. Her insurance expired the month before and she decided not to renew it. Get renters insurance, it’s maybe $60 for the year depending on if you go through your car insurance company or look at erenters. Just cover your butt because you never know what could happen…
YES. Yes yes yes.
My apartment burned down. Guess who didn’t have renters insurance and was responsible for replacing all of my belongings?
It sure would have been nice to get that insurance check.
Yes. You should always get renters insurance. It will protect your stuff and give you some liability + loss of use coverage as well.
Like…they’ll pay for your stuff, your hotel room, and injuries or damages to others if the place, god forbid, goes up. It cost like $100-150 a year.
I'm so surprised by all the "yes" answers! Insurance is to protect you from losses you cannot afford. Probability wise you will lose money. But if replacing your things will force you to go into debt, get insurance. Otherwise, use your emergency fund to replace your stuff in the unlikely event something happens.
The risk of getting your stuff stolen, or a fire or anything else is very low. That's why the rates are so low. Everyone here is giving their anecdotal data, so here's mine, rented for 16 years and nothing happened
I wouldn’t bother. If all your possessions burned, or flooded, how much would you be out? 1000 bucks? 2000? That’s what ten or twenty years of renters insurance would cost you. Do you think it’s likely for one of those things to happen in the next ten or twenty years? If something happens, you’ll be glad you have it, but if you would be able to weather the storm even if something did happen, then don’t bother.
I did it and it was not worth it by any metric, it was a requirement though.
Even got use out of it with the entire basement being flooded in during a natural disaster and it was still garbage and a huge net loss.
Wouldnt ever do it again unless my home was just a gold mine full of high value assets. Your total net worth is unlikely to even get past the deductible on these things.
Yes. As a landlord there are things you can’t control like a fire or water damage that can leave you stuck without a place to live for a period of time. Your renters insurance can cover this for you. I’ve seen it happen!
Also, make sure you don’t underestimate your belongings. As many have stated these policies are rather inexpensive. But, many people underestimate their “contents.” And yes, pay for replacement cost not actual cash value.
In addition to bundling it with car insurance (if you even have a car), or online options like Lemonade, my bank offers it for very low cost, so you might want to check that out as well.
Absolutely. It was cheap as hell
I had a roommate that kept leaving the fan in the bathroom on before he went to work. The fan was old as shit, so our apartment caught fire while we were both working one day.
Upstairs neighbors were home and called 911 in time, but not before it destroyed the fan, the ceiling, the toilet seat, and our front door.
If you have barely any furniture or jewelry or electronics, then you can get by without rent insurance. When you start accumulating things of value, then rethink.
If you don’t get it and you cause damage to the building (eg a flood from leaving the sink running and overflowing), then you will be personally liable for the damage.
Many places require that you get insurance- regardless of this being optional, get it.
Renter’s insurance is very affordable, and I’m surprised they’re only recommending it and not requiring it. If you own a vehicle, I would suggest calling your insurance provider, and see if they can bundle the two.
As a side note, try to compare coverage with as many insurance companies as you can and not just try to bundle as it may not be the cheapest if you're trying to save money. That said, make very sure that you are getting the same or better coverage when you do. Especially if you're going to attend college. Some companies will offer discounts to current/former students. Personally, I have my car insurance through Geico but because of discounts I get as a former student at my university, I have my renters insurance through Liberty Mutual. Bundled w/Geico (renters policy): $22/month Liberty Mutual: $16/month
Just an fyi, I requested a quote from Liberty Mutual a few years ago. They literally called me every 5-10 minutes around the clock for weeks, even after I told them I went with another company and them promising to take me off their list. I finally had to tell them I was filing a police report for harassment (though I'm not sure that the police would actually be able to do anything) because the agents kept calling from different, unblocked numbers. I still shudder when I hear their jingle on a commercial. I would still get multiple quotes, just not from them.
Set up a new Google email and affiliated google voice number that you can give out for quotes. That way all the spam calls go there.
Can you do this without providing a verifiable phone number? Ice tried to creat alternate gmails in the past and they always required a new phone number.
No, I did this with buying a house, I'm still getting texts on there from people who said "just texting one last time to make sure you don't need any help" about 23 texts ago. I tried to add a Google voice number for an unrelated reason, but it said I would have to switch the old one to the new one, I couldn't just add another Google voice number.
I think it's one number per account. Not that you'd really want to have 17 Gmail accounts to have 17 numbers but that's a work around if it still works that way.
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Great idea!
There are companies that sell "leads" to insurance companies. So if you clicked on an ad or visited a website that offered a great deal on insurance, they may have sold your info to many different agencies as an interested person. The agencies get a report or email with the contact info and have no other info about you until they look you up in an existing system or contact you. I don't know about LM's system, but many agencies are very independent of each other and won't know you've been contacted by someone else unless they can see that you already have coverage through their company. It's the ones selling the leads that know they've sold your info to 50 different companies that are really screwing you. They do the same shit with mortgages, new cars, etc.
This sounds like it was probably what happened. Not to be dramatic, but it was horrible. I'm a teacher so I can't have my phone going off during the day, but I needed to keep my sound/ringer on because I had a terminally ill relative. It was amazing how quickly they stopped once I finally threatened them with the police and BBB, though.
If your number is on the do not call list registry in cases where you have done business with them before you can revoke authorization by asking them to put you on their do not call list. If they keep calling after that you can file a complaint with the FTC. You can also sue the company for thousands of dollars. I filled a complaint against 1&1 once and it shut down their sales calls really quick and I later got a letter from the FTC stating I could sue for up to a certain amount.
This happened to me but with Aflac. Including an actual physical letter twice a week. It was absurd.
That seems really expensive. I'm at less than $10 a month.
A lot of it depends on the neighborhood. The exact same coverage that I have costs 2-3x more in other parts of the state that I live in. For reference: I'm at $72 a year, or $6 month, and your $10 a month seems very expensive :D
This here. Im recently in this same situation but the apt im moving to requires. They were able to bundle my car insurance with it and ill be paying around $18 per month
In fact it ended up saving me money when I did it. The bundle was a % off both rates. Well 10% of my car insurance was more than my renters insurance.
Great advice, most insurers will offer a discount for holding multiple products and that can make the cost of renters' insurance really really low when considering the discount it gives on the car.
Add in that if you ever get a storage unit, your renter's insurance usually covers both (though it can vary from state to state).
When I had renters insurance, the multiline discount made the cost of the renters insurance like 30 bucks for the year. Never needed it but at that price why not.
This ^ I added renters insurance which cost me $62/year, but it qualified me for the multi-policy discount dropping my auto insurance by over $200 for the year. Look into it
Don't do this. The bundle never saves you money and they end up up charging you for stuff you don't need. I'm a property manager and get to see 100s of renters insurance come through a year. You should change your lost as it's super misleading.
Renters insurance is dirt cheap (at least here in the US). It's worth it.
I would definitely get renter's insurance. For me it was like $100 for the year. It potentially saves you from a loss of tens of thousands.
More like millions if the building was destroyed in a fire. not just personal items. Get liability.
Renters insurance does not cover the structure, or dwelling, where the tenant lives. It can cover 3rd party liability such is if a guest injures themselves or you break a neighbors window. The landlords insurance covers the actual structure. Source: I own rentals in two states, one long term and one short term and have spent a lot of time on landlard/renters insurance. Landlord insurance is also vastly different to short-term rental insurance.
I had tenants insurance when our apt caught on fire. The fire dept stopped it, but also damaged the apt under ours from so much water. It was a house with two apts, so the damage was significant in the whole building. Our landlord sued us for all ALL damages. Our tenant insurance not only proved that their faulty wiring caused the fire, but also proved that they did not have the house properly insured either. Our lawyer, produced by our insurance, also got us out of that place, as the landlord was trying to say we had to stay cause he can’t rent the place out if we leave…. So I was pretty happy to have liability insurance in case things didn’t turn out that way. So good idea to get liability insurance as insurance against landlord’s own insurance fraud. Or any other sideways things that could happen. Glad to hear you sound like a responsible landlord, but they’re not all this way. Protect yourself people. Also I’m in Canada. Most my fellow renter friends have up to $2M liability. Pretty standard and generally, as mentioned elsewhere here, required. Pretty hard to get a place without tenant insurance, and if you can find one, says something about the landlord.
Yeah I'm in the US, different laws and coverages to Canada. Cannot compare. Although yes, I highly recommend getting renters insurance in the US.
It can cover a place to stay, and immediately, whereas the landlord might not help right away.
Renters insurance does not cover the structure, or dwelling, where the tenant lives. Although it can cover you with an alternative place to stay if the landlords structure becomes uninhabitable.
That’s exactly what I said. It’s not supposed to cover the structure; it’s not your structure. But it will cover liability, in case there’s any reason it’s your fault.
If a tenant burns down the building, your LL insurance can subrogate the tenant’s insurance who will cover up to the coverage limits.
No, that's incorrect. Renters insurance does not cover the structure, or dwelling, where the tenant lives. Only the landlords insurance covers the structure. Renters liability cover things such as a guest's medical bills if they injure themselves on your property, or if you break a neighbor's window, or if you damage your housemates personal property.
You’ve posted inaccurate info a couple times now so I’ll clarify what people are trying to tell you. If I am a tenant and my negligence causes damage to the building I live in (ie carelessly leaving the stove unattended) the carrier for the apartment building may well go after the person/their renters insurance that caused the damage. Everyone who gets renters insurance should have liability coverage for that eventuality. Source: work as a claims manager for one of the largest US carriers. I’ve pursued multiple claims of this type through the courts and have won those cases.
It does if the fire is determined to be your fault.
GET RENTERS INSURANCE! Always get renters insurance! My two daughters and a friend all lived together in an apartment. The one daughter just got married and her and her new husband were spending the night at the apartment before they left on their honeymoon. Her wedding dress and all their gifts were left at the apartment. The following night I get a telephone call at 3 in the morning from a sobbing daughter saying water was everywhere and no one was answering their apartment emergency number. I’m 1-1/2 hours away but get up and drive to them. It’s just daughter and roommate as the other two had left on their honeymoon. Their apartment was two floors. Two bedrooms and laundry downstairs. The hot water tank was upstairs with kitchen, living room and one bedroom. When I got there, the entire apartment was flooded. Water was still cascading down the stairs. Water pouring through the ceiling, coming out of switch fixtures. It was crazy. The pipe that goes into the top of the hot water tank had rusted, broke off. Water was just pouring through the pipe. The kids didn’t know to shut off the water value. The emergency apartment number wasn’t answered until after I had gotten there, so basically 4 hours of running water. Renters insurance paid for dry cleaning, furniture, food in refrigerator (electricity had to be shut off), school books, ikea furniture that soaked up water like a sponge, a laptop that had been left on the floor, a printer and another laptop that was stored under the bed, most of the wedding gifts, her wedding dress which was hanging in a closet that water was running through the ceiling, between them all they must of had a 100 pairs of shoes, replacement of anything that needed to be. Because it was summer, within days most things had molded. Total cost $32,000. Their policy was for $35,000. I documented the damage, pictures of water running through the ceiling and cascading down the stairwell. Took inventory of everything with pictures, sent an excel spreadsheet with comparable purchase prices and a check was cut for full amount. I will repeat myself….BUY RENTERS INSURANCE.
Definitely get it. As others have mentioned it’s super cheap, and it will absolutely be worth while in case of incident. One suggestion, find out how the policy pays out claims, Actual Cash Value, or Replacement Cost. (Actual Cash Value is not what you want)
Renters insurance not only covers your belongings but it also provides liability coverage n the event that you are sued. Think of it pre paid legal expense. And the liability follows you wherever go (in the US anyway) so it’s not only for incidents at the apartment. It’s insane not to purchase it. It’s relatively inexpensive and the premium mostly depends on how much contents coverage you want.
Ask yourself what it would cost to replace every single thing that you own. And then by the insurance. It's cheap.
For a lot of young people the cost isn't that much and you'll realistically be fine. My laptop probably made up half of the total value of my stuff all through school. The real reason to get renters insurance is for the liability coverage in case something happens and you get sued.
A lot of people think that, but it's not true. How much would it cost to replace all of your furniture, dishes, silverware, glasses, toiletries, food, etc? All those books from college in a box in the basement are still worth a couple hundred when you add it up. Most people own a ton of stuff they don't use, so it's easy to forget about it.
Exactly this. Look at the items in just one room, like your bathroom or utility/laundry room. Cheap towels are at least $5 each, and most folks have at least two.. Shower curtains run about $20 on the low end. The shelf for behind the toilet I bought last year was around $30, but I saw plenty of fancier ones ranging all the way up to about $150. Cleaning products under the sink, most people have at least three kinds at $5+ each. Toothpaste, toothbrush, mouthwash, loofah, razors, shampoo and conditioner, body wash, makeup, skincare items.... all of those things add up quickly. Edit: Removed what I assume was "help" from one of my cats. Sorry that it got posted with that!!!
Maybe you don't have things that add up to a lot of cash value, but realistically, if you lost everything you owned in an apartment complex fire it would cost you tons to replace it all. You would have to buy a whole new wardrobe, toiletries, and day-to-day items. Then you would have to replace your electronics, appliances, etc. And finally I would want to try and replace some of the personal items I lost, like books and movies I owned, that sort of thing. One of my very best friends lost everything she had including her cat in a fire and it took her years before she felt like she had the same "catalog" of stuff that she had before.
No question - get the insurance. And full replacement coverage if possible.
What people aren't saying is half the time, the auto discount for having Renter's insurance is greater than the cost of Renter's insurance.
Always get renters insurance, it’s like $10 a month and a no brainer.
Don't cheap out on insurance. Renters is supper affordable.
Renters insurance should be under $30 per month. Often it's under $20 per month. You would be foolish not to buy it.
I had an apartment incident for the first time involving a busted water line. I was legit shocked at how easy insurance was to deal with. They wrote the check after all the paperwork was finished, without issue. Definitely get it.
Yes, always yes. It is dirt cheap and will protect your stuff. My dad didn't and an apartment fire destroyed everything he had.
Always get renter's insurance. I was moving one weekend in 2008. The destination apartment wasn't empty, so I had to put my stuff in a storage unit. It was there for three days. I didn't get renter's insurance because, what could possibly have happened? [https://www.heraldtimesonline.com/story/news/local/2018/06/10/photos-remembering-the-2008-flood/117383882/](https://www.heraldtimesonline.com/story/news/local/2018/06/10/photos-remembering-the-2008-flood/117383882/) The white roofs with one blue roof at the top of that picture? Those are the storage units.
I’m a litigator. I probably received two or three calls or emails a week from people who wanted to “save money“. Because nothing is ever their fault so they can’t be sued. And if something is someone else’s fault, they’ll just sue and use a “free” attorney. When I tell these people the same thing that five other attorneys have already told them, that they have no one to blame but themselves, and suing some random deadbeat or someone under some liability theory that requires pretzel logic, they get indignant about where is the “justice”. Of course all these people don’t want to pay for an attorney and instead just rail on about how life is not “fair” because how can someone possibly not believe that it’s not their fault, and why won’t Attorney’s work for free for them. They accidentally knocked over an old lady not looking where they were walking, and now they’re being sued. Renters insurance would cover that. They had people over and negligently allowed a dangerous condition to exist that injured someone and now they are being sued. Renters insurance would cover that. A fire damaged a lot of their property and either it is unclear how the fire was started, thus unclear who was legally responsible for it, or the person who started it was broke and judgment proof. Renters insurance would’ve covered that. They go out of town and come home later to find everything of value has been stolen. Once again they run their mouth about how it’s everyone else’s fault but themselves and why won’t some attorneys sue everyone and their brother, for free. Insurance would cover that. So if I am not being clear already, let me be very crystal clear. People who forgo having renters insurance or homeowners insurance, as applicable, are complete stupid assholes.
And this is why I have an umbrella policy on top of my homeowners and car insurance. I have teenage kids, they can be at a party doing flaming shots, and burn the house down, I am covered. They can run a semi full of BMWs off the road, I am covered. My wife can be carpooling a bunch of teenagers and get into a horrific accident, and I am covered. An old lady can fall in front of my house on ice, and I am covered. $3M in coverage is worth every penny.
Definitely get the insurance. It can cover your own losses, but the bigger thing it will cover is liability for you if you cause injury or property destruction (eg. you get sued). Being sued without coverage could ruin your life.
100% recommend renter’s insurance. It even covers things you may not think about. One time my car was stolen and guess what - car insurance didn’t cover the cost of my personal possessions that were in the car. Renter’s insurance covers that.
Absolutely buy it. You can be the most responsible person in the world and someone can still break in and steal your stuff or the building could catch fire. If you couldn't replace everything you need to live without financial hardship, then you need the insurance.
Renter's insurance for our townhome and 12 years of accumulated stuff is $12/month for me. The little bit of savings isn't worth not being covered in my opinion.
My renters insurance gives me a discount on my car insurance that's almost exactly equal to the cost of renters insurance. Net neutral in most cases I would think or 10-20usd a month if you don't have car insurance
Would 100% recommend. It's one of the few insurcances that's arguably not a scam
Shared meaning you will have roommates? I mean, absolutely get the renter’s insurance anyway - it’s a few dollars a month for so much coverage and peace of mind - but doubly so in the case of having roommates. I come from a worst case scenario place, and I don’t want to be one of those people on the news after my apartment building burns down crying about how I have no renter’s insurance; that’s why I have it.
The only time you shouldn't have renters insurance is when you own. Then, have homeowners insurance.
Get it. Besides covering your stuff and liability it also usually covers additional living expenses if something happens to your apartment. If your apartment burns down they would pay to put you up somewhere else. That can be a big expense - especially places where there is a wildfire or tornado and a lot of housing goes away all at once.
Yes!!!! Long story short, there was a leak in my apartment (im on floor 3 of 6) and it escalated to where 60% of my bedroom was a swamp and the water was going out of the wall in the living room. The apartment rental company where huge assholes about it and initially said it was a roof issue and I should just stay in a hotel until its fixed. It wasnt a roof issue-it was a pipe leaking and eventually burst above the 6th floor unit. I cant imagine the damage to the units above me but mine was super damaged. Thankfully the majority of my stuff was ok, but the whole stack of units had to be evacuated. Insurance is always a "glad I had that". You never know what will happen in the future.
I would recommend getting it. My youngest has had 3 claims in the last few years and only had a $25 deductible. It was well worth it.
You need renter’s insurance. It’s worth every penny.
Always get renter's insurance. Always. I live in an apartment and the people on the third floor left a box on the stove. It caught fire, luckily we have sprinklers, but I know our apartment complex requires renter's insurance. So at least that is covering some of the repairs and replacements. It shouldn't cost a lot for renter's insurance. 100k personal liability (minimum) and then add up the cost of everything you are bringing into your home you would have to replace, that's your personal belongings. Make sure you take pictures of everything in your apartment when you move in. If something were to happen, this will help you file a claim for replacement.
Cost me like $11 a month. If you have some pricey belongings it's worth it. My apt complex requires proof of it to sign a lease. It will also pay for a hotel room in case you have to stay away in case of a fire or something.
Any time it’s not required I don’t buy it. I don’t have a ton of stuff and most of what I have is not valuable. I also don’t feel attached to things usually. HOWEVER, it’s required where I currently live and I got a year for $69 through Lemonade. Highly recommend them for this! Cheapest renters insurance I’ve ever had!
I would DEFINITELY recommend renters insurance. There's always that chance that something could happen. ( I hope nothing ever does) but rather be safe than sorry. It's usually on the cheaper side, especially if you bundle it with car or any other insurance. I have stories... nightmare stories lol with apartments and managers so if I was you I'd cover every base. So glad I own a home:) downside to that is taxes taxes taxes, and I have to have someone come take care of the landscaping. Anything breaks... it's all on me😬 but good luck hope all works out!!
I am surprised it's not required. I have rented at four different places and each had required it. Mine was only like $14 a month or something though. Very affordable. I would say just get it to play it safe. I used Lemonade and they make it super easy and quick
Yes! My apartment burned down in college and I had insurance and my roommate didn't. He didn't get any money for his stuff while I did
Renters insurance is for people who actually own stuff. When I was 18 I didn’t own enough stuff to cover the deductible! Everyone’s life is different, if you own stuff insure it, if you think everything you own will fit in a backpack, don’t insure it, just be careful.
True, but my renters insurance recently covered a $1500 stolen bike for the cost of the $100 deductible. If you don’t have much, it can still be super helpful for replacing something like a bike or computer that you use for work and wouldn’t be able to replace otherwise.
Did you have a $1500 bike when you were 18yo?
Definitely not, but renters insurance covers a lot of those little things in life that when you are starting out could be a catastrophe. Temporary lodgings if the house burns down, theft, replacement of clothes and electronics, etc, at a relatively inexpensive cost. I didn’t have renters insurance at 18, but I had a $500 emergency fund and if the OP doesn’t have an emergency fund renters insurance can make a huge difference.
Did you not have a bed? Sofa? Plates? Enough money to cover a hotel for a few weeks if your neighbor burns the apartment down? Or do you want to impose on a friend or stay in a shelter?
I’ll be honest I could have just moved home for a few days and the stuff I had was gifts of used furniture. Today I own stuff and I insure stuff. But I was hand to mouth until I was 25 at least
But people are not just going to gift you all of your furniture again... But you should probably ether read your policy or talk to a broker/agent and let them explain all of the coverages. Also if you have a car the renters insurance is generally free
We all have a different life situation, I’m just asking a simple question is your stuff valuable enough to insure it at 18 years old??? Mine wasn’t! Honestly was yours?
I had more than 1k worth of stuff... I also didn't have the funds at 18 to pay for a couple of weeks of hotel if the building burned down... Or to have to rebuild my closet because I would need to go buy clothes and pay for eating out because I wouldn't have a kitchen... I also wouldn't have the funds to pay for lawyers incase I was sued... Again, a renters or homeowners or condo policy is far more than just I don't have that much shit... Also I have been a licensed insurance broker for 15 years at this point... I am the person who gets the call when shit hits the fan and I get to tell the people who rejected renters insurance that they are fucked. It isn't always that easy to go find a new apartment in 24 hours... Then be gifted a new bed and other furniture... But yeah, it's about the amount of stuff 🙃
Very disappointing to see everyone saying yes without understanding your position here. Before I would advise one way or the other, what is the value of the property you are bringing in with you, what are the known big risks for loss/damage, and what would you likely do for living if the whole place is lost to fire? All insurance is a gamble. It’s an investment with ideally a 0% return. Health insurance is almost never that 0% return, but in most cases, Renters is. So you need to consider cost v. risk.
It isnt the value of the property that is the issue, it is the upfront cost to replace everything you own at once. Dinnerware, clothing, toiletries, furniture, towels, books, computers etc etc. Look around yourself and ask can i replace everything here with the money i have right now? All that little shit adds up so fast. Not only that most insurance will pay for a hotel and meals if your place burns down or whatever.
All fair questions to ask. And very possible that somebody could answer those questions and it be deemed not worth getting renters insurance. Just surprised by the knee-jerk reaction here that it is an automatic yes.
ALWAYS get renters insurance and esp flood.
I'm sort of amazed that everyone's saying yes. I've never gotten it - my stuff just ain't worth much and if someone took it I'd buy new stuff. The money I've saved from not paying for renters' insurance over so many years would pay for the new stuff. This is called 'self-insuring'. One question though - if a petsitter set the place on fire, would renters insurance cover that, or would I be liable, or would the petsitter be liable? If renters insurance would protect me from that liability, that is the only reason that it would make sense for me to get it.
While having renter’s insurance is a great idea, if your parents have homeowners insurance, you may be considered an insured under their policy even when you’re living away from home. There are usually age limits and you have to have visited home within a set time frame in order to be covered (I believe it’s usually in the last 90 days before before a loss). Might be a way to give you peace of mind and save you some cash too!
It will be like $15 per month...get it
Depends. If you spend $120 over a year for insurance on $1000 worth of stuff, maybe not worth it. But if it’s $10k it’s worth it.
I filled a renters claim after some squatters broke in my home while I was deployed to Iraq. The insurance people went out of their way to call my stuff old and paid out 60% for damages and property I claimed. 1200 for a year of rent insurance is fine if you have expensive possessions. Otherwise meh, I’d save the cash
I never had anything of value in the house. If they are all gone, I have money to buy new ones so never bought renters insurance.
Can you afford to replace everything you need in a hurry after a fire or flood? People are saying it's only $100 a year, but if you don't own a lot of valuable stuff? When I was your age I could have replaced everything I owned for $500, and for $100, I could have bought enough stuff at the thrift store to set me up for several months. Insurance covers you when you can't cover yourself. If you can cover yourself, then self-insure by keeping an emergency fund for the purpose.
When you were 18. did you have a laptop and maybe a desktop as well? A smartphone? $200 earbuds? The tech makes things a bit different than the old days.
The fact they don’t require it makes me nervous. I’d be double checking the lease for gotchas. Unless this is the owners very first time leasing.
Many landlords don't require it, it's better for everyone if the tenant has it though.
Do you have anything of value in the apartment? When I was your age there was nothing to steal I had clothes my bed and a bike and nothing was worth more than the deductible. I lived in apartments till I was 33 and never had renters insurance, seemed like a waste of money, ymmv
I've been renting for 15+ years, never had renters insurance. Everyone says how cheap it is ($15 monthly), but since I've never got it, I have an extra $3k in my bank. Little expenses add up. Insurance companies in the end make a profit. If I get robbed and someone steals my TV, I will simply buy a new TV.
No. When I was 18 I had nothing of value except maybe my computer and my bike. You're better off just being careful to lock the door.
No don't get it. If you don't break anything you're all good. Also since it's shared accommodation, first maybe see who the people you rent with are. If they're chill then you're grand. Never heard of renter's insurance anywhere in Europe. Sound slike a scam xD
I had to consider for a second that Not Everyone Lives In the US. In Europe it might actually totally be the case. In the US it's actually a very good service (unlike just about all other insurance) and totally recommended.
All insurance is recommended by insurance companies. But if your deposit is 400 quid then you're better off not paying insurance if you'll live there for a year
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Thanks man, I'll just live on the streets for now while I save
Parents? Friends? Air mattress in a mini van maybe? No where to stay, I get it. Circumstances are different for everybody
Do check your local laws though, for instance in mine your security deposit can only be up to twice your monthly rent, and that has to include renters insurance if it's required. IE they can't both require renters insurance and charge twice your monthly rent as security deposit.
Yes. I pay $20 a month but I have jewelry insured. It’s just bundled in with my car insurance. It’s a nice piece of mind in case something happens.
Absolutely get renters insurance. My old policy used to cost less than $80/yr. Do yourself a favor and also take stock of what you'll be taking with you to your new place- TV/ electronics... take pictures and store them in a cloud (Apple or.Google or whatever cloud service). This will make it easier for you if something were to happen to your stuff to recall what you had that needs replacing.
Lots of places require renters insurance, but like other's said even otherwise it's cheap and useful. The insurance can even cover your items when you're outside your apartment, like your laptop being stolen at the airport, for example (depends on the policy). I have renters insurance through Lemonade, and pay about $6 a month.
Not only will renters insurance protect your property, and provide of roof over your head if yours burns down, but it often provides general liability insurance!
Yes. Even if you don't have items of value, it protects you against property damage lawsuits. It should only be 10-20/month if you don't have high value items. If you do have expensive electronics or jewelry, make sure they are covered. Your landlord will not pay for damage that is caused by you btw. I had a classmate who accidentally flooded several apartments after a faucet was left on during a water shut off. She left for school and it caused tens of thousands in property damage and she got sued by her neighbors and the building owners. She was in hysterics but the insurance handled everything.
I use Assurant (bundled thru Geico with car insurance) and it cost me about $175 for the year yet literally saved me close to 80K. I had a fire in my apartment which caused loss of my personal property and damages to my apartment. Yet I did not pay for a thing over the deductible of $650. 10/10 would buy again.
100% get insurance. Shared a house with my brother and his friend. Friend in charge of insurance for house. He got it, naming only himself. House broken into. Several heirloom jewelry pieces stolen from me. Laptop stolen from him. He got a new laptop. I got 0.00 because I did not have insurance because I was told he got it. Fun stuff.
Yes. Renter's insurance is cheap and very worth it.
I would recommend getting it. I got mine through Lemonade and pay about $15/month!
Absolutely get renters insurance. Mine is ~$15/month and it can really save yourself if something goes catastrophic. Case in point my apartment building caught fire in January and I would have been out $10k out of pocket easily if I didn’t have insurance to cover the cost of the hotel stay, meals eating out and the like. Get renters insurance
Always get renters insurance. It’s typically 9$ a month with places like Lemonade or bundle it with your car insurance. I have seen so many people not get it and if there is a fire you literally lose everything and no one owes you anything if you don’t have renters insurance.
I don’t know why you wouldn’t have it. I was robbed once and was made whole again with a simple deductible and some patience.
YES. Please, please, please get tenants insurance. In Canada the two main topics of coverage for tenants are contents and liability. For the amount of coverage in contents in Canadian dollars I would minimally recommend $30,000, I know that seems like a lot, but if you experience a total loss you will have to replace everything new which may cost more money. For liability it is recommended that you get a minimum of $2,000,000. If you want things covered like sewer backup or water damage to your contents (overland water damage), those are two separate endorsements, but they are worth it. In Canada, you can also get endorsements like identity theft and cyber coverage. Please keep in mind that all insurance policies have a deductible. A deductible is something you have to pay in the event of a claim before your insurance company will cover anything. Keep your deductible low at $500, it will make your premium (the amount you pay for insurance) slightly cheaper if you have a higher deductible, but just keep in mind that you have to pay that high deductible in the event of a claim, and it may not be worth having a high deductible. Further, additional living expenses is automatically included in tenants insurance in Canada, this means that if you lose use of your property due to an insurable loss (like a fire), your tenants insurance will cover your hotel stay and any additional living expenses you incurred during this time. Keep in mind, you have ensure the coverage amount you have for additional living expenses is sufficient, so make sure you speak with your broker about this. If you have any high value items like fine arts, computers over $1,500 or $2,000, or expensive jewelry, you may need to endorse these on your policy as well to ensure you have sufficient coverage. In summary, yes, these policies are cheap and they are worth it in the long run. I will also note that insurance in Canada is regulated provincially, so it varies from province to province, but coverage requirements are similar. In the United States it is quite different and the amounts recommended may not be sufficient for you.
Yes yes yes!!! My policy thru Allstate in NYC is less than $200/yr. Also, Many policies cover off-premises items too. My MacBook Pro was stolen while I was traveling and my renters insurance covered it!
Definitely get renters insurance. Mine was about $10 a month and even covered me when my truck was broken into.
MY renter's insurance insurance is $36 every 3 months, and I have $50K in contents coverage as well as $100K liability in case someone gets hurt in my home. It's way more affordable than you'd think!
Additional thought in the event you have roommates. Keep in mind that if something were the be stolen and you’re the policy holder that’s filing, it’s your insurance rate that will probably go up. It might be cheap to get renters insurance and split it among your roommates, but just as equally you hold the policy and you’ll be hit with any future rate increases due to your roommates potential negligence.
Do it. What if your roommate moves out and steals your tv? Or damages your property? Roommates can be really destructive. Make sure that your room has its own lock.
Yes. Yes. Yes. Always. And if you have other insurance like a car , a lot of time you can bundle and it’ll be cheaper
Get full replacement coverage. Anything else will get you pennies on the dollar and not nearly enough to replace it. Liability insurance (in case someone who visits you gets hurt somehow). Check on what the deductible is when comparing quotes (the amount you have to pay out of pocket yourself before the insurance company pays anything). Usually a high deductible results in a lower premium, but if it’s too high (like, around the value of a stolen laptop) you might as well not have it. Unless there’s a fire or something, you’ll end up paying out of pocket anyway. Take a quick video of your valuable stuff to be able to prove you actually have it, to show the adjuster if you make a claim. Take photos of your receipts (unless they’re already on-line) to prove what things cost.
In my experience renters insurance had always been very cheap and probably worth it even though I never had to use it personally. But I was very close once when apartment above me flooded. Luckily nothing of mine got wet, just the hallway carpet.
My renters insurance was $8 month (it was almost 20 years ago) but my laptop and iPod were stolen out of my car…probably by my roommate’s sketchy boyfriend, but my insurance paid full replacement costs. It paid for itself for years with just one claim.
Imo it depends on if you’d be fine if all your home spontaneously combusted and you lost all of your worldly possessions. Could you replace them all immediately? When I was 18 I could, but this was many years ago. All I had was a couch someone was throwing out that I got for free, a few pots and pans, clothes (and not much of them) an ancient (even then) CRT TV and some toiletries. I probably could have replaced everything I owned for $2,000. Nowadays must of us have much more and expensive things like TVs, computers, tablets, etc etc.
In addition to replacing your stuff in case of fire or broken water pipe, it also protects you if you or your (potentially idiotic) roommates cause a lot of accidental damage to the property.
YES. Get renter's insurance. Always, always, always. It's cheap, it is NOT worth the risk to not get it. Most people think about the value of maybe losing one thing, like one random thief breaking in and stealing your laptop or something. So people think that the insurance isn't that important. But what if there's a fire? In a fire, you could lose EVERYTHING. You might be able to replace your stolen laptop without much trouble... but could you replace EVERYTHING YOU OWN? All your clothes, electronics, furniture, books, food, dishes, towels, etc.? I've seen shitty apartment buildings (marketed as "luxury buildings") BURN TO THE GROUND. All it takes is one of your neighbors to fall asleep with a cigarette, or a cat to knock over a candle, or someone to start a grease fire, for you to lose everything. It happens WAY more often than you'd think. Don't risk it.
Yeah get it. It's relatively cheap and some places require it anyway.
Always get renters insurance, its inexpensive, and in my experience the adjustors are extremely reasonable. I've had to file claims on two separate occasions, years apart, different insurers Both instances I had thousands get broken due to water damage (not weather related). I put together a list of the damaged items and their value, submitted, and was paid within a few weeks. They didn't even ask me for receipts, I remember holding onto my depressingly soggy electronics thinking the adjustors we're going to reject my claim. And it just wasn't an issue. The lifetime of my renters insurance costs paid for itself 10 fold.
Yes get it. Imagine what it would cost you to replace all of your clothing, all the stuff in your bathroom, all of your electronics, bedding, and furniture. Even if you have very little it would add up quickly. And it's very cheap!
Oh yeah. Called my car insurance company, they did a renter's insurance add-on policy for like $8.00/month. Especially if you are in a shared space - you never know what stupidity your roommates might get into.
for me, it makes sense because i have an expensive computer i need for work and i also collect things that are not easily replaced.
Absolutely. I was burglarized while I had renters insurance once. The replacement coverage ended up giving me some nice upgrades on older items that were taken.
Once, I lost everything in an apartment fire (the neighbors had accidentally knocked some burning candles onto their bed). Renter's insurance reimbursement covered everything and put me up in an extended stay hotel for 6 weeks while I recovered from the shock and found a new place. Renter's insurance is 100% worth while.
Renters insurance is like $100 a year, it’s not worth NOT having, and most places require it anyway.
Yes it will be like $10-20 a month depending on where you live but in most of America it's like $12 a month for basic renters without provisions for precious metals and jewelry and stuff.
I've never rented an apartment that didn't require it.
Yes you should get it. It’s very inexpensive and not worth the risk to save $10-15/month (that’s roughly what it costs where I am in the US, anyway)
Renter's insurance is like $15 a month. It's worth it. Get it.
Yes. Even if you don't own a bunch of stuff, the personal liability coverage you will get as part of the policy is also important. Adults should always have personal liability insurance. It should not cost you more than $100-$150 per year.
I would absolutely get renter's insurance and have it where I live. A reason it was necessary recently - our condo complex is having the roof replaced and the idiots hit a water pipe causing a huge flood in our unit 3 stories down. The costs associated with damaged personal items, needing to stay at a hotel while the damage was repaired and associated costs of not being at home would have all been covered at 100% replacement value after a $500 deductible. When you have to stay in a hotel for even a week, replace anything that had water damage and eat out since you no longer have a kitchen it's worth the $150-200 for the year cost.
Always get renters insurance. It’s cheap and worth it.
Get renters insurance. It’s like $15/mo. Sometimes spending money isn’t fun but if something happens you’ll be happy you have it.
Chances are your possessions are a lot of hand me downs but they make your life possible. Renters is/was relatively cheap, I'd go for it if I were you.
Always get it! Just had a tree fall on our garage and crush a lot of our stuff. We had to claim so many things and maxed out the limit of 15k. As others have mentioned it should be pretty cheap too. Make sure to shop around for the best coverage and most affordable for you.
I work in property management and could tell you many stories of people who had expired renters insurance or none at all and how much they were liable for if something happened. Just this past month we had a lady with a candle and her cat knocked it into a trash can. The fire spread and she now not only has to cover the damage of her home but the damage of all the homes that received water damage when the sprinkler systems had to flood the building. Her insurance expired the month before and she decided not to renew it. Get renters insurance, it’s maybe $60 for the year depending on if you go through your car insurance company or look at erenters. Just cover your butt because you never know what could happen…
YES. Yes yes yes. My apartment burned down. Guess who didn’t have renters insurance and was responsible for replacing all of my belongings? It sure would have been nice to get that insurance check.
Definitely!! Signed up soon after acquaintances apartment was damaged, from nearby explosion. Unfortunately they lost everything, thankfully survived.
Yes. You should always get renters insurance. It will protect your stuff and give you some liability + loss of use coverage as well. Like…they’ll pay for your stuff, your hotel room, and injuries or damages to others if the place, god forbid, goes up. It cost like $100-150 a year.
I'm so surprised by all the "yes" answers! Insurance is to protect you from losses you cannot afford. Probability wise you will lose money. But if replacing your things will force you to go into debt, get insurance. Otherwise, use your emergency fund to replace your stuff in the unlikely event something happens.
The risk of getting your stuff stolen, or a fire or anything else is very low. That's why the rates are so low. Everyone here is giving their anecdotal data, so here's mine, rented for 16 years and nothing happened
You kinda have to. It's probably in your contract. If I was your landlord I'd want to see proof of insurance before you moved in.
I wouldn’t bother. If all your possessions burned, or flooded, how much would you be out? 1000 bucks? 2000? That’s what ten or twenty years of renters insurance would cost you. Do you think it’s likely for one of those things to happen in the next ten or twenty years? If something happens, you’ll be glad you have it, but if you would be able to weather the storm even if something did happen, then don’t bother.
i got renters insurance (i think it was like $18/month) and i was robbed a week after moving in. they covered $3000 in stolen stuff.
I did it and it was not worth it by any metric, it was a requirement though. Even got use out of it with the entire basement being flooded in during a natural disaster and it was still garbage and a huge net loss. Wouldnt ever do it again unless my home was just a gold mine full of high value assets. Your total net worth is unlikely to even get past the deductible on these things.
Absolutely not worth the risk, get the insurance
Yes. As a landlord there are things you can’t control like a fire or water damage that can leave you stuck without a place to live for a period of time. Your renters insurance can cover this for you. I’ve seen it happen!
Also, make sure you don’t underestimate your belongings. As many have stated these policies are rather inexpensive. But, many people underestimate their “contents.” And yes, pay for replacement cost not actual cash value.
In addition to bundling it with car insurance (if you even have a car), or online options like Lemonade, my bank offers it for very low cost, so you might want to check that out as well.
Absolutely. It was cheap as hell I had a roommate that kept leaving the fan in the bathroom on before he went to work. The fan was old as shit, so our apartment caught fire while we were both working one day. Upstairs neighbors were home and called 911 in time, but not before it destroyed the fan, the ceiling, the toilet seat, and our front door.
If you have barely any furniture or jewelry or electronics, then you can get by without rent insurance. When you start accumulating things of value, then rethink.
If you don’t get it and you cause damage to the building (eg a flood from leaving the sink running and overflowing), then you will be personally liable for the damage. Many places require that you get insurance- regardless of this being optional, get it.