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Old 12-02-2016, 11:41 AM
 
1,822 posts, read 1,390,065 times
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Quote:
Originally Posted by SkyDog77 View Post
Ahhh Ray.....The greatest of all time, but not Master of his Domain.
Yes, poor Ray At least he wasn't seen wearing a puffy shirt!
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Old 12-02-2016, 11:44 AM
 
1,822 posts, read 1,390,065 times
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Quote:
Originally Posted by guyatwork37 View Post
So where are people getting $15 a month for a million dollar policy? Back when I had renter's insurance for $50,000 I believe I paid $10 a month. I can't imagine the difference between $50k and $1 MM is $5 a month.
Bingo! Something's amiss here...
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Old 12-02-2016, 12:19 PM
 
Location: Washington Park, Denver
6,904 posts, read 6,496,831 times
Reputation: 7353
Quote:
Originally Posted by guyatwork37 View Post
So where are people getting $15 a month for a million dollar policy? Back when I had renter's insurance for $50,000 I believe I paid $10 a month. I can't imagine the difference between $50k and $1 MM is $5 a month.
Quote:
Originally Posted by Sunderpig2 View Post
Bingo! Something's amiss here...
You'd need to look at the policy, but typically the property coverage and the liability coverage are not the same. In other words, your $50,000 property policy could have $500,000 liability coverage attached to it. Liability coverage is a lot cheaper than property coverage.
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Old 12-02-2016, 01:39 PM
 
170 posts, read 181,922 times
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Quote:
Originally Posted by emm74 View Post
This.

I think people are assuming $1M worth of coverage on the renter's personal property. I doubt the landlord cares much about that, he or she is trying to protect themselves as the owner of the real estate for any liability claim made by a third party, such as if you are the one who sets the building on fire and everyone else's apartments are damaged.

If she thinks $14 per month is normal, ask what carrier she's seen for that rate, and go directly to them for a quote and see what happens. I've never had renters insurance in Denver so I'm not familiar with the rates here.
Wait, wouldn't that be covered by the landlord's home insurance policy if a tenant sets their place on fire?
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Old 12-02-2016, 02:44 PM
 
Location: Highlands Ranch, CO
556 posts, read 575,415 times
Reputation: 837
Quote:
Originally Posted by Pesare View Post
Wait, wouldn't that be covered by the landlord's home insurance policy if a tenant sets their place on fire?
It would. This is the landlord basically "f you, you're paying for this so my insurance doesn't go up".
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Old 12-02-2016, 06:41 PM
 
Location: Sweet Home Chicago!
5,157 posts, read 3,678,414 times
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^ Yep, and what skydog said too. It's liability of $1M. I paid $15 per month through Farmers for my policy when I lived in Denver last year. Not a big deal.
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Old 12-02-2016, 06:51 PM
 
1,063 posts, read 574,922 times
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Quote:
Originally Posted by francisco-sky View Post
I'm new to Denver and I finally found an apartment I like at a cost that works. I'm ready to move in at the beginning of next month into the apartment, but right before we were about to set up a lease signing, the landlord, without any previous mention of it, suddenly says that the tenants are required to have a $1,000,000 renter's insurance policy. This was after I paid a couple hundred dollars to them in fees for reserving the apartment.

The apartment is in the Capitol Hill / Downtown neighborhood. Has anyone else dealt with this in this area? I understand landlords want their tenants to have insurance to get as much coverage as possible, and sometimes landlord insurance requires the tenants to have coverage, but $1,000,000 is ridiculous. Most quote sites don't even let me go above $100,000.

I'm waiting on a response from the landlord as to why their requirements are so high, but if anyone has any advice or insight into this type of situation, let me know. I thought I finally found a place that was right for me but now I'm afraid I'm going to have to back out, after having paid hundreds of dollars as well. I'm just sick of searching.
Pretty standard stuff. DC is expensive. Even in the Baltimore metro I had to have 100k insurance back when I was a renter. It cost....$4/mo with USAA and I didn't even notice with it bundled with my auto policy.

Not a bad insurance policy considering that if you were to have a fire or a flood you would have your junk replaced at a cost of $48 per year. With $1M in coverage....like another poster said, it might cost you around $15 or maybe even $20. No big deal considering what you're already forking over just in total rent.
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Old 12-02-2016, 07:33 PM
 
Location: Washington Park, Denver
6,904 posts, read 6,496,831 times
Reputation: 7353
Quote:
Originally Posted by guyatwork37 View Post
It would. This is the landlord basically "f you, you're paying for this so my insurance doesn't go up".
Hardly "f you". More like, if you f up it's on your policy, not mine.
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Old 12-02-2016, 07:59 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,401 posts, read 39,713,740 times
Reputation: 23426
As mentioned... let's be CLEAR... This is a liability policy, not 'renter's (property coverage) insurance'

Not at all uncommon and certainly a MUST if renter ever cooks, BBQ's, burns a candle, hosts any guest or has a 'service animal' or heaven forbid a PET!

There are Liabilities that renters are obligated for and cause extra RISK to owners. The USPS is gonna go after both the renter and the Landlord when the 'renter's TAME dog eats up the postman, or EATS the neighbor kid. Stuff like that happens, The property owner can NEVER carry ENOUGH liability for the carelessness of tenants. The tenants have 'no-skin-in-the-game', The property owner may have $10m at risk ( they are not making a BUNDLE, as most renters think.

Renovation and loss of rents can eat the profits of 2-3 yrs each unit. And of course that Owner is the one carrying ALL the risk, (the don't sleep well at night, APART from the many calls... Mrs, So & so's service animal is barking all night. Well,,, Mrs, So &so just got her internet Service Animal permit, and a fake Dr order that says Mrs. So & so requires a service animal as psychological support and to alert her. (fat chance...NO one can hear their own pet / service animal... goes to deaf ears, while disrupting other tenants and neighbors)

Last edited by StealthRabbit; 12-02-2016 at 08:07 PM..
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Old 12-03-2016, 05:20 AM
 
Location: Highlands Ranch, CO
556 posts, read 575,415 times
Reputation: 837
Quote:
Originally Posted by SkyDog77 View Post
Hardly "f you". More like, if you f up it's on your policy, not mine.
I say it's an F you since I'm guessing 90 percent of landlords don't require this. They usually assume the liability of renting their property to others.
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