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We have it and always have when renting. We have State Farm and pay about $14 a month for it, I would not be comfortable not having it. I think that alot of people do think the landlords insurance would cover their losses but that is not how it works.
We've had MetLife auto and renters policies for many years and have been really happy. As part of my husbands benefits package with his work, we get extra discounts if we use "preferred companies" and MetLife was one of those companies. This is the first time we've had to file a claim. So far the process has been smooth and efficient. Our caseworker has been very helpful.
Some of the resident's here who had to evacuate were under the impression that the property's insurance policy would help them in case of something like this. Life's lessons are so hard to take sometimes. Hopefully from now on they will never go without it.
We have renter insurance through State Farm. It's ~$150/yr for $35,000 worth of coverage. It's mostly for our clothes, bicycles and outdoor gear. Our furniture and kitchen stuff isn't worth much and is easily replaceable.
We have a separate section in our lease that tenants have to separately initial that they understand about this. I wish we could require tenants to get it, but unfortunately, we can't in Idaho. If it were legal, we would absolutely require it. Its only about $10/month around here if you don't have extra expensive stuff.
We've had several different times over the years that we've had tenants wish they had it. One time, a tenant's unsupervised small child started a fire, fortunately no one was hurt, but there was a lot of damage.
Another time, we had a water heater break, and the tenant had boxes stacked in front of it, and didn't notice right away. Pretty much everything in the boxes was destroyed.
Another time, a tenant left their waterbed draining to get ready to move out, left the house, and didn't realize it was still plugged in. Didn't start a fire, but did a lot of smoke damage.
The list goes on.
Another really good thing to know is that renters insurance can cover your stuff even if it isn't at your house. (Disclaimer: Check with your insurance agent to make sure your policy does this)
For example, if your car is stolen, your car insurance covers the vehicle, renters insurance can cover belongings in the vehicle.
If your hotel room gets broken into, renters insurance can cover items stolen from there.
Oh yes, it is so important to have renters insurance. When I got my first apartment, I saw the old lady above me smoking out the window....That was my first clue. Luckily now I am 2 floors above that, and she passed on.
My sister just married, all new everything...both mother and mother in law butted into everything my sister and her husband did. then one night 3 am, sis got up to go the bathroom opened the bedroom door and living room was in flames. (get the picture)....next day I go to moms house where they are now staying and said well at least you have insurance? don't you??? No, they didnt.....
I just looked at my mother and said calmly, Sure, you and Rosely forgot to mention one of the most important things to have when you are renting an apartment, forget about the color of her curtains.....
...Sure, you and Rosely forgot to mention one of the most important things to have when you are renting an apartment, forget about the color of her curtains.....
I know that you're not supposed to laugh about others misfortunes, but that had me giggling. I have relatives like that, too... so caught up with the trivial things that others are always having to bail them out of their self-imposed hard reality.
Renter's insurance is cheap and good to have, but don't just get it and forget about it...inventory and document everything you have to make it worth your while should you suffer a big loss.
Will Renters Insurance cover the added expense of new deposits for new housing?
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