Why Renters Insurance Is Worth Its (Low) Cost

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Thought provoking commentary, Ms. Palmer. Renters may be budget-strapped but they can still improve their financial future by paying their rent on time, purchasing renters insurance, laying groundrules with formal roommate agreements, and using credit responsibly. Savvy renters establish good financial habits that will protect them and help them live the life they want - now.
Evan Silverman
CEO
William Paid LLC
www.williampaid.com
"a resource for renters and roommates"
visit our blog: http://www.williampaid.com/blog

Evan Silverman of IL 2:26PM September 07, 2009

We've had renter's insurance for several years and it brings tons of peace of mind. Our policy is $300,000 liability, 550,000 personal, with a $500 deductible. We pay just $16.33 per month which is so cheap. We have it combined with our auto which gives us a multi-line discount. We have a family of 5, 4 computers, 3 TV's, one of which is a 62 inch. We also have a Xbox 360, PS2 with lots of video games and many books. You can see where we just have to have renter's insurance. The 300,000 liability is so very nice in case the house burns down, the landload can easily start over. I also believe there is no limit on our length of stay at a motel for loss of use. Just get it, whatever you do.

D Scott of NE 5:32PM September 05, 2009

Having insurance also gives a tenant an advocate if the landlord or landlord's insurer claims that the tenant was responsible for the fire, flood or whatever. Many landlords don't maintain household systems properly, resulting in leaks, electrical fires etc. And your insurer will investigate the situation much more thoroughly that a tenant could before paying a claim.

Alison Brennan of CA 2:32PM September 04, 2009

My family of 5 rents a home we have renters insurance. Because I have mulitple policies with Erie Insurance I get a 20,000 policy for 80$ a year. Since the kids are getting older and gifts and things more expensive for them I am going to raise it to 30,000 minimum to ensure we have enough coverage. Luckily we have never had to use it but, the peace of mind is worth every penny I pay!

Melissa of PA 8:57AM September 04, 2009

i purchased a small policy (10k) and it cost about 100 bucks a year. We were burgled for about $3000 worth of equipment (replacement value). My deductible was $500. I had a check for about $2,500 within 6 weeks of the incident. Did the insurance improve my state of mind about home security? No. Did it make a horrible situation much less painful? YES! FYI, I have Auto-Owner's Insurance.

Scott of IL 3:35PM September 03, 2009

Mallard- thanks for your comment, and I didn't mean to exclude young families from this discussion... in fact, one of my friends with the fire has 2 young children. Renters insurance applies just as much to people with kids as without! Perhaps even more so if they have accumulated more belongings. Thanks for sharing your thoughts,
Kimberly

Kimberly Palmer of DC 2:14PM September 03, 2009

It is actually very affordable, before I was on my own I believed it was more expensive than it actually is.
It's especially cheap if you get the policy from your current insurer, often times they give you a multiple policy discount.
Luckily I never needed it, but it was cheap peace of mind!

Shan of IN 1:52PM September 03, 2009

I am an agent for the biggest provider of renters insurance in the country. I also was a claim rep for them. I could tell you legions of stories about people who had renters insurance and it really saved them big time. Fire, Water, Trees, Hurricanes, Smoke, Theft...lots of ways to lose your stuff! I'd recommend you first check with your car insurance carrier as you might get a multiline discount, then ask the apartment complex. If you are in Virginia...click on my web page and you can get a rate and buy a policy! www.bergstrom-insurance.com Ric Bergstrom

Ric Bergstrom of VA 1:36PM September 03, 2009

I have always had renter's insurance, and well, my grandfather taught me to always Cover Your @$$ (C.Y.A.)
I keep 3 copies of records. Photo's of all the items with a print-out with the manufacturer's suggested retail price. I also have 2 electronic copies of this same information.
1 E-copy is on my PC for easy updating.
1 E-copy is hidden in the house (they will never find it. MUAHAHAHA!)
1 Hard Copy with relatives in a fireproof safe.
anytime i purchase a new item worth making a note of, i simply snap a photo and grab a screen shot from the manufacturer's website.
I know this works well, and if you do it right, you will know exactly how much coverage you will need. I would also recommend $100,000.00 personal liability be listed in your policy. Nothing worse than a land lord taking you to court saying it was you who started the fire, and not the electrical wiring he was suppose to replace.

John-Boy of TN 1:32PM September 03, 2009

I can't recommend it enough. Earlier this year I came home to find our dead-bolted door basically ripped open.... They stole thousands of dollars worth of stuff (wine and a Wii were the most notable).
Started getting checks for stolen items within a couple of weeks as I provided SOME documentation for things like wine, which isn't a common item stolen.
I pay $12 a month.

George S of IL 1:04PM September 03, 2009