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Why You Need Renter’s Insurance

December 7, 2011 18 Comments

Before moving into the apartment I live in now, I had no idea that there is such a thing called Renter’s Insurance. To sum it up, it is there to protect you from any type of damage to your apartment and your belongings whether if it is fire, storms, theft, etc. I quickly learned that it is a requirement when renting, in my case at least.

At first I thought, “Oh man here’s another insurance premium I have to pay each month.” However, renter’s insurance is very very cheap because I’m just paying around $100 a year. I know there is a lot of confusion as to how much renter’s insurance cost when living out on your own but I assure you that it doesn’t cost that much. One point to remember is that don’t ever think that whoever owns the apartment complex should take care of the insurance and that you don’t need to worry about it. The truth is, they only cover the actual building but not your belongings.

One of the ways to make your renter’s insurance even cheaper is to get a quote from your car insurance so that they might give you a discount. If you want to learn more about the types of coverage there are, public liability insurance will provide more insights. Another point to remember is don’t go thinking that you don’t need it because you will never know what unsuspecting accidents life might bring you. Unless you have a state of the art fire-proof safe box with laser detection in your apartment, I would choose the renter’s insurance. Also, Check out this post for more information if you are a new home owner looking for insurance.

Do you have renter’s insurance? do you take the maximum coverage? Please share your thoughts:D

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Comments

  1. AngryByte says

    December 7, 2011 at 6:02 am

    Thanks

    Reply
  2. Newlyweds on a Budget says

    December 7, 2011 at 6:55 pm

    We paid renters insurance when we were living in an apartment, and it is pretty cheap at $100 a year. right now, we’re sort of living in a guesthouse, so we’re covered under the landlord’s insurance.

    Reply
  3. The Jenny Pincher says

    December 7, 2011 at 7:10 pm

    Great reminder, this is very important to have. If you think about it, at $100 a year (approximately) that’s about $8 a month or the price of 1 fast food meal these days!

    Reply
  4. John@MoneyPrinciple says

    December 7, 2011 at 9:12 pm

    One friend of ours was a student here in Manchester and graduated, cleaned his house spotlessly and had to go back to his home country. The landlord charged him and his two housemates over £600 for cleaning! That is a real scam. Yes if you are renting I suspect you do need some cover but then so do landlords against tenants who reck the place. All good for the insurance industry of course!

    Reply
    • Aaron Hung says

      December 8, 2011 at 5:26 pm

      even after cleaning?? I would’ve came back and trash the place

      Reply
  5. Corey @ Passive Income to Retire says

    December 7, 2011 at 10:59 pm

    I have to admit, I have been taking a risk by going without renter’s insurance. I have a date to get it in the spring. fingers crossed until then.

    Reply
  6. Shaun @ Money Cactus says

    December 8, 2011 at 1:18 pm

    I hate all the insurance fees I pay too, but I consider it a necessary evil. With luck I’ll never have to use it!

    Reply
  7. krantcents says

    December 8, 2011 at 3:37 pm

    I believe renter’s insurance even covers your belongings when you have them in your car. I has been a long time since I had renter’s insurance, but is is important.

    Reply
    • Aaron Hung says

      December 8, 2011 at 5:24 pm

      I also heard they cover your travel belongings too 😀

      Reply
  8. Miss T @ Prairie EcoThrifter says

    December 8, 2011 at 4:54 pm

    Like Shaun said insurance can feel like a necessary evil. You may never use it so it seems like a waste but you don’t want to be stuck without it either. When my hubby lived in his apartment he paid 6 weeks rent as a deposit. This was used like insurance money.

    Reply
    • Aaron Hung says

      December 8, 2011 at 5:27 pm

      I thought I didn’t need insurance on my iPhone but after dropping it and cracked the screen…well I was too late

      Reply
  9. Mom's Plans says

    December 9, 2011 at 12:37 pm

    Great reminder. We too pay about $100 yearly for renter’s insurance, which I gladly pay for the peace of mind.

    Reply
  10. Little House says

    December 9, 2011 at 2:48 pm

    I have renter’s insurance as well. I’ve had it for years and the building I live in now requires it. However, mine is closer to $400 per year. But I think that’s because I’ve upped my value and have earthquake insurance as well. Though it’s not as inexpensive as I’d like, at least I know I’m covered.

    Reply
  11. Doctor Stock says

    December 12, 2011 at 2:04 am

    Great idea… I wonder why some pay so much more than others it seems?

    Reply
  12. Niki says

    December 12, 2011 at 8:54 pm

    I loved having renter’s insurance. we fortunately never had to make a claim but the peace of mind is worth it.

    Reply
  13. Jen @ Master the Art of Saving says

    December 15, 2011 at 5:49 pm

    We’ve had renter’s insurance for the last 4 years, like yours, it was required. I’m glad we do though. We used to have max coverage, but since I’ve been reducing our belongings, I dropped it down. It’s one of those things that if you have it, you probably won’t need it…but if you don’t have it, you’re gonna wish you did. Ours is about $11 a month.

    Reply
  14. Andrea says

    December 17, 2011 at 4:54 am

    This is such an important thing to have! It seems every year I see or hear a news report of an apartment building going up with flames and a good number of tenants with absolutely no insurance, it’s so sad to hear.

    Reply
  15. Neo says

    December 21, 2011 at 4:18 am

    I have renter’s insurance and I think it is important to have, especially if you want to insure a few key items like a wedding ring or a piece of high-end electronics or art. As you mentioned it is SO cheap that it is sort-of a no brainer in my opinion.

    I think about it in percentage terms and it gets me comfortable with the concept. For example, let’s say you have $30k worth of personal items in your apartment plus your wife’s wedding ring worth $7k, that’s $37,000 worth of possessions. To pay $300/year for insurance is less than 1% of the replacement cost of everything you own. So, let’s say your apartment complex burns down in your 10th year of insurance (with your wife’s ring inside). You would have only paid $3k to replace $37k worth of items. If you did not have insurance you would need to pay the full $37k to buy all new stuff instead getting a check from your insurance company. Like I said, a no-brainer….

    Reply

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