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Old 04-18-2017, 01:42 PM
 
33,046 posts, read 20,726,186 times
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Quote:
Originally Posted by jaynarie View Post
Normal, law-abiding landlords require renters insurance all the time. Since your landlord isn't law abiding, it doesn't surprise me that he/she does not require it.

Why on earth would a decent landlord require me to carry renters insurance when my home contents don't even meet the deductible - except for the landlord's benefit? i.e. Why should i pay for something when i'm getting nothing? If this feature is for the landlord's benefit, can't landlords get some better group coverage from an insurer where the landlord pays a lower unit premium and passes that lower cost to tenants?
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Old 04-18-2017, 01:44 PM
 
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Quote:
Originally Posted by moneymkt View Post
Our landlord charges us $12 a month on top of the rent for renter's insurance. In my previous apartments it was always optional but not in this place.

$12 per month seems a pretty mainstream price, so you're probably getting a decent deal.
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Old 04-18-2017, 01:50 PM
 
Location: New York
1,486 posts, read 1,398,504 times
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Quote:
Originally Posted by freemkt View Post
Why on earth would a decent landlord require me to carry renters insurance when my home contents don't even meet the deductible - except for the landlord's benefit? i.e. Why should i pay for something when i'm getting nothing? If this feature is for the landlord's benefit, can't landlords get some better group coverage from an insurer where the landlord pays a lower unit premium and passes that lower cost to tenants?

If you accidentally start a fire or flood the place, who do you think would be responsible for the repair costs?
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Old 04-18-2017, 01:58 PM
 
3 posts, read 1,316 times
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To clarify if there is any confusion it is a security alarm system and it is not connect to the fire alarm. Basically if someone breaks in the one window or the one door it will go off and let the security company know.
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Old 04-18-2017, 04:23 PM
 
Location: Phoenix, AZ area
2,932 posts, read 2,397,164 times
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Quote:
Originally Posted by freemkt View Post
Why on earth would a decent landlord require me to carry renters insurance when my home contents don't even meet the deductible - except for the landlord's benefit? i.e. Why should i pay for something when i'm getting nothing? If this feature is for the landlord's benefit, can't landlords get some better group coverage from an insurer where the landlord pays a lower unit premium and passes that lower cost to tenants?
Your policy doesn't pay a dime to the LL so you can back off that bull argument. Not sure why you turned this topic into another crazy rant but since you did.

I require it because it covers your stuff AND your temporary housing in the event of an incident. The big one is the last little bit there; I'm not going to put a tenant up in a hotel because of a no matter how many times I'm threatened​ to be sued so I get ahead of that argument by requiring insurance. Just because you don't see the value in protecting yourself doesn't mean the LL is doing it purely for their benefit.
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Old 04-18-2017, 04:35 PM
 
16,494 posts, read 17,539,161 times
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Quote:
Originally Posted by freemkt View Post
That would almost certainly be a dealbreaker for me. Why should I pay for coverage with a $250 deductible when I don't even have $250 of stuff in my room? Sounds to me as if you want your tenant to cover you. For that I would need an appropriate rent discount which I don't expect to get, so I wouldn't go for it unless it were the best deal available which it probably wouldn't be.

If I had something larger and more conventional - say an apartment with enough space for my storage unit contents, I would happily insure that. (I'm paying $9/mo insurance with the storage unit and I think $20/mo would be perfectly reasonable in an adequate dwelling.)

You're basically entering into a agreement that has certain conditions. If you can't/dont want to meet those conditions then we simply do not enter into a contract. Seems pretty simple


Quote:
Originally Posted by freemkt View Post
Why on earth would a decent landlord require me to carry renters insurance when my home contents don't even meet the deductible - except for the landlord's benefit? i.e. Why should i pay for something when i'm getting nothing? If this feature is for the landlord's benefit, can't landlords get some better group coverage from an insurer where the landlord pays a lower unit premium and passes that lower cost to tenants?
Dude please. I carry a few million dollars in umbrella policy not to mention rental insurance covering the dwelling. I'm definitely not asking the tenantto insure me. I'm basically drawing a dividing line in responsibility. I don't want tenants thinking I'm going to insure their items. Besides if you understood (which obviously you don't) how tenant insurance works you would understand that it covers the tenant and their property/loss, not my rental.
You're not getting nothing. In case you have a theft or something happens like a fire or flood your insurance puts you up somewhere and covers your losses. I'm sure not going to. So I require you to have insurance. If you don't want to then we simply go our separate ways

I'm sure as hell not going to discount anything. I'm already a few hundred below going rate. I'm already at a discounted price. So if you want me to add 2-300 to the rent then I'll give you a $50 discount no problem. And try finding rentals that are in the shape mine are in for those prices. I have people beating down my door to get them in.
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Old 04-18-2017, 05:46 PM
 
33,046 posts, read 20,726,186 times
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Quote:
Originally Posted by Electrician4you View Post
You're basically entering into a agreement that has certain conditions. If you can't/dont want to meet those conditions then we simply do not enter into a contract. Seems pretty simple
As I've said, renting is where you pay a premium for temporary, impaired use of property. What I'd like to do is collect a copy of every lease form out there and post them online so that renters can have full disclosure in advance. It would be a big improvement for renters to be able to exclude properties in advance so you don't have to waste time viewing an apartment with a lease you're not going to accept.

A broad problem here is that landlords have VASTLY more information to work with than do renters. It's time to move toward the economist's ideal of perfect information for all market participants..
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Old 04-18-2017, 05:53 PM
 
33,046 posts, read 20,726,186 times
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Quote:
Originally Posted by Electrician4you View Post
You're basically entering into a agreement that has certain conditions. If you can't/dont want to meet those conditions then we simply do not enter into a contract. Seems pretty simple




Dude please. I carry a few million dollars in umbrella policy not to mention rental insurance covering the dwelling. I'm definitely not asking the tenantto insure me. I'm basically drawing a dividing line in responsibility. I don't want tenants thinking I'm going to insure their items. Besides if you understood (which obviously you don't) how tenant insurance works you would understand that it covers the tenant and their property/loss, not my rental.
You're not getting nothing. In case you have a theft or something happens like a fire or flood your insurance puts you up somewhere and covers your losses. I'm sure not going to. So I require you to have insurance. If you don't want to then we simply go our separate ways

I'm sure as hell not going to discount anything. I'm already a few hundred below going rate. I'm already at a discounted price. So if you want me to add 2-300 to the rent then I'll give you a $50 discount no problem. And try finding rentals that are in the shape mine are in for those prices. I have people beating down my door to get them in.

I understand exactly what renters insurance covers. As I said above, I do not have even $250 worth of stuff in my room, so why would I pay for a policy with a $250 deductible. As for covering temporary displacement expenses, I have a temporary place to stay if I need it short-term.
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Old 04-19-2017, 04:39 AM
 
8,321 posts, read 17,657,480 times
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Quote:
Originally Posted by freemkt View Post
As I've said, renting is where you pay a premium for temporary, impaired use of property. What I'd like to do is collect a copy of every lease form out there and post them online so that renters can have full disclosure in advance. It would be a big improvement for renters to be able to exclude properties in advance so you don't have to waste time viewing an apartment with a lease you're not going to accept.

A broad problem here is that landlords have VASTLY more information to work with than do renters. It's time to move toward the economist's ideal of perfect information for all market participants..
Applicants do have full disclosure....no one forces them to sign a lease without reading it. If they don't read it, and sign it anyway, that's on them. I don't know about you, but before I sign a contract ( of any kind) I read it and read it again and sometimes have my lawyer review it. That's called common sense...not wasted time.

You remind me of the yahoo's who don't pay attention to the interest rates on their cars, mortgages or credit cards and then cry foul when they realize what they agree too.

It's always so much easier to blame someone else isn't, Freemkt?????

You need renter's insurance for your crap...and if you burn the building down, flood the house or cause some other major damage to your unit. The landlord's insurance company will go after your insurance company instead of going after you...which we all know will end with a big fat goose egg.
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Old 04-19-2017, 06:28 AM
 
Location: Northern Virginia
4,681 posts, read 4,836,858 times
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Quote:
Originally Posted by freemkt View Post
That would almost certainly be a dealbreaker for me. Why should I pay for coverage with a $250 deductible when I don't even have $250 of stuff in my room? Sounds to me as if you want your tenant to cover you. For that I would need an appropriate rent discount which I don't expect to get, so I wouldn't go for it unless it were the best deal available which it probably wouldn't be.

If I had something larger and more conventional - say an apartment with enough space for my storage unit contents, I would happily insure that. (I'm paying $9/mo insurance with the storage unit and I think $20/mo would be perfectly reasonable in an adequate dwelling.)
Do you purposefully derail other's threads to make them about you?
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