Renter's Insurance

[wvugurl26]

None of my landlords have ever required it. When I was looking at apts here some did require it. Just happened the place I could afford when I took a hard look at my budget didn't require it. I did notice they require it on new leases when I was on the website trying to get information for the rental policy.
If you think you can replace everything no sweat, I think the personal liability umbrella policy would be a good idea.

[TheOtherMe]

I sold my last home in 2003 and rented until summer of 2009. My electronics alone were worth the cost of insurance--and I have nice furniture and clothes.

In one apartment, we were required to have liability insurance to have our own washer and dryer, which I had. Just in case something went wrong and the water got in to a neighbor's apartment.

[The Walk of the Penguin Mich]

My apartment complex requires it as well.

When I lived in an apartment, as soon as I got some money I went out and bought a house. I didn't spend the money on stuff to fill an apartment. I just can't imagine someone who can afford to accessorize an apartment with that much stuff not being a little more conservative on the spending & using that money for a house. Once again, you must live in a HCOLA where $45,000 doesn't get you enough of a down payment to get a house. I'd never want to live my adult life in an area like that. I grew up in a HCOLA & got out because living there was just too frustrating.

I have chosen to live in an apartment for various reasons. At this point of my life, I physically cannot deal with a house so not having to deal with maintenence is very much a benefit for me. My apartment costs are very reasonable and I could not come close to purchasing something where I live for the same amount of money. Just because you wanted the lifestyle does not mean that everyone does.

I imagine I have close to $10K in electronics in my home. Another $10K in clothes easily. Between my kitchen, appliances and furniture, another $20K. When I bought furniture, I bought good furniture and much of it is solid wood (that I inherited).

[zibazinski]

I know. I cannot imagine anyone posting on YM who won't protect their stuff or their future by getting some cheap insurance against both.

[Deleted]

I agree with zibazinski. I was dirt poor when I got divorced in 1998 . . . $18,000 a year with no benefits and working a $7.55 hour retail job. But I bought rental insurance (and health insurance). At some point you become a grownup and quit believing nothing bad will ever happen to you.

[Cookies Galore]

Jan 8, 2011 11:54:03 GMT -5 wvugurl26 said:

This is sooo much fun. Like I know what year it was built. Not exactly something I ask a potential landlord. Now I remember why I never got a quote from this company last time. That one was better $159/year. I was poking around the rental company's website trying to find construction year. Seems insurance is required now, it wasn't when I signed my lease.

So take the two seconds it takes to look up the property on your county's property records site. I needed to provide this information on my policies and it was not hard.

[zibazinski]

The insurance agent actually does that for you.

[wvugurl26]

Which would work if the county had them online. Going to the county website gets you a number for the land records department. Might as well call the landlord if it requires a phone call.
zib I was trying to get an online quote and you had to fill that information in. I took a wild guess and now I'm checking the actual year before I buy a policy.
Apparently they don't know when apartment complexes were built only houses?

[The Walk of the Penguin Mich]

Apparently they don't know when apartment complexes were built only houses?

It should be on record at the tax assessor's office. I know my apartment complex info is available there.

WVU.....have you thought about contacting a local insurance agent to one of the big insurance companies, like State Farm? It might be easier to get info that way.

[8 Bit WWBG]

...:::"Nothing ever happened in my apartments.":::...

You got LUCKY.

...:::"One time the apartment across from me got water damage in a closet from a small fire in the apartment above it & the landlord replaced anything that was damaged.":::...

When I rented, some idiot across the hall decided to use the fire sprinkler head as a place to hang his shirts from. He ended up setting it off and causing water damage in several apartments. Somehow I have a feeling that anyone who is "smart" enough to do that also thinks he/she is smart for "not wasting money on renters insurance". I do not want to be out thousands of dollars because of someone else.

...:::"These prices for what you get in renters' insurance seem outrageous compared with my home owner's policy. I pay around $400/year to cover replacing my house, liability etc. It sounds like some of you renters are willing to pay that much for far less coverage.":::...

That is not a fair comparison. You cannot get homeowners insurance as a renter, so saying you pay more for less is just rubbing salt in the wound of a well documented inequality.

...:::"It's not actually that difficult to get the number up that high. ":::...

Agreed. Electronics and clothing alone, without adding kitchen appliances or furniture is probably $10k easy for us "big city" folks.

[wvugurl26]

I called the tax assessor. Who knows in this area. I tried searching the state site under property and it didn't come up there.
I guess I will end up calling an agent. I was just trying to do my pricing and comparisons online and then make a decision. I hate calling a bunch of places asking for prices and then having them bug me, flood with me junk mail, etc.

[8 Bit WWBG]

...:::"I think the personal liability umbrella policy would be a good idea.":::...

Heck yeah! A slip or fall can happen in an instant, even to the most careful person. Even if there is no "vengeance suit", just the medical bills alone amount to a lot.

I know there are people who are judgment proof, but what kind of lifestyle do you have to live in order to maintain that status? You either have to be really wealthy and know all the loopholes, or have so little you aren't worth coming after. As most people fall into the latter than the former, is it really worth it?

[The Walk of the Penguin Mich]

When you live in apartments, there is no telling what kind of idiots live next door.

A couple years ago, someone moved in across from me that decided that they didn't want to pay for electricity. Their way of getting power to their apartment was to run an extension cord across the stairs down (across the top of the flight of stairs), through the railing up a half a flight and into the laundry room. I happened to be taking a big bag of trash downstairs and *just* missed tripping over the extension cord. Had I fallen, I likely would have undone about $100K of orthopedic surgery and been laid up for another 6 months.

In this case, even had I sued them for doing something so stupid, I would in no way been able to recover the damages from such an idiot move. Not only that, I suspect that they were the sort that would not have carried insurance and all of the damages would have been on my own wallet.

However, I was angry enough that I would have sued them, gotten a judgement against them which would have made their life very, very difficult for a very long time.