Renter's Insurance (apartment, leasing, house, paying)

[haggardhouseelf]

A week ago we had to suddenly evacuate our apartment due to our upstairs neighbors apartment burning down above us. The cause of the fire is still unknown at this point, though we have some ideas.

I just wanted to suggest to all you fellow renters out there to get renter's insurance if you do not have it already. It does not cost much at all, and if you go through the same company that you get your auto insurance or other insurance policies from, you often get some kind of discount.

We have renter's insurance, thankfully. We are receiving a check from our insurance company that will compensate us not only for our material losses such as furniture, small appliances, and clothes and such... but also for the cost of cleaning, hotel stay, food, moving, transferring of utilities, etc. However, many of our neighbors - who also had to evacuate - did not have renter's insurance and had to turn to the Red Cross for help with food, clothing, and shelter, or depend on the kindness of strangers if they were not fortunate enough to have friends and family nearby. And all their material things they will have to replace themselves - very costly. Our renter's insurance caseworker also said they would help us with a lawyer if needed.

Anyway - Sorry for going on about this... I'm still very emotional from all this that has happened due to the fire - emotional in a good sort of way, though. I feel really fortunate for so many things... and one of the things is that we had this insurance policy in place, even though we never thought we'd actually need to use it. Now having had to, we'll never risk going without it!

Good luck to all you renter's out there! I hope you get renter's insurance - and I hope you never have to use it!

[sonarrat]

Similar thing happened to me on September 11, 2007. I was coming back to my apartment from the grocery store with wares in hand. I saw smoke as I was coming up the hill, and five fire engines passed me. Then I turned the corner and I saw this huge out of control fire billowing out of a downstairs apartment on the other side. The whole unit and the surrounding ones were engulfed, I had to just sit there and watch as heavy smoke poured through the whole building. It took five months before I was able to move back in. I had insurance then and as long as I rent, I will continue to have it. With the savings I get on my auto policy with the multi-line discount, I basically pay nothing for it. What a no-brainer.

[virgode]

Absolutely, we have ours thru Allstate, along with the car insurance.

[DreamWeavin]

you betcha!! State Farm for me--13.00 a month! And worth it.

Sorry for your loss!!

Originally Posted by haggardhouseelf

A week ago we had to suddenly evacuate our apartment due to our upstairs neighbors apartment burning down above us. The cause of the fire is still unknown at this point, though we have some ideas.

I just wanted to suggest to all you fellow renters out there to get renter's insurance if you do not have it already. It does not cost much at all, and if you go through the same company that you get your auto insurance or other insurance policies from, you often get some kind of discount.

We have renter's insurance, thankfully. We are receiving a check from our insurance company that will compensate us not only for our material losses such as furniture, small appliances, and clothes and such... but also for the cost of cleaning, hotel stay, food, moving, transferring of utilities, etc. However, many of our neighbors - who also had to evacuate - did not have renter's insurance and had to turn to the Red Cross for help with food, clothing, and shelter, or depend on the kindness of strangers if they were not fortunate enough to have friends and family nearby. And all their material things they will have to replace themselves - very costly. Our renter's insurance caseworker also said they would help us with a lawyer if needed.

Anyway - Sorry for going on about this... I'm still very emotional from all this that has happened due to the fire - emotional in a good sort of way, though. I feel really fortunate for so many things... and one of the things is that we had this insurance policy in place, even though we never thought we'd actually need to use it. Now having had to, we'll never risk going without it!

Good luck to all you renter's out there! I hope you get renter's insurance - and I hope you never have to use it!

[Babytarheelz]

Oh yes....I was managing a luxuxry apartment community a few years ago...a building got struck by lightning and was quickly engulfed in flames. The whole building was a total loss. Of the 24 units....only 4 had insurance! The sad part was we had 2 leasing consultants living in the building and even they didn't have it! The crazy thing was many of these residents were coming to us expecting that our insurance would cover their things. Um, doesn't work that way! They were sorely disappointed. I can't stress the importance of it to any renter I ever meet.

[Sam82]

Originally Posted by haggardhouseelf

A week ago we had to suddenly evacuate our apartment due to our upstairs neighbors apartment burning down above us. The cause of the fire is still unknown at this point, though we have some ideas.

I just wanted to suggest to all you fellow renters out there to get renter's insurance if you do not have it already. It does not cost much at all, and if you go through the same company that you get your auto insurance or other insurance policies from, you often get some kind of discount.

We have renter's insurance, thankfully. We are receiving a check from our insurance company that will compensate us not only for our material losses such as furniture, small appliances, and clothes and such... but also for the cost of cleaning, hotel stay, food, moving, transferring of utilities, etc. However, many of our neighbors - who also had to evacuate - did not have renter's insurance and had to turn to the Red Cross for help with food, clothing, and shelter, or depend on the kindness of strangers if they were not fortunate enough to have friends and family nearby. And all their material things they will have to replace themselves - very costly. Our renter's insurance caseworker also said they would help us with a lawyer if needed.

Anyway - Sorry for going on about this... I'm still very emotional from all this that has happened due to the fire - emotional in a good sort of way, though. I feel really fortunate for so many things... and one of the things is that we had this insurance policy in place, even though we never thought we'd actually need to use it. Now having had to, we'll never risk going without it!

Good luck to all you renter's out there! I hope you get renter's insurance - and I hope you never have to use it!

I'm sorry for what happened to you. Thank goodness that you and your family are okay.

Originally Posted by DreamWeavin

you betcha!! State Farm for me--13.00 a month! And worth it.

Sorry for your loss!!

Wow! I pay about $25 a month. I guess that's because I live in a higher crime area. Still, it's worth it.

[Nelly Nomad]

Haggard, sorry to hear about your troubles.

I agree. Renters' insurance is not a fluff expense. As far as cost goes, isn't it partially determined by how much stuff you have? Ours is very inexpensive (less than $75 for a year) because we're living on bare-bones furnishings (we're only renting temporarily and most of our goods are still in our other house). I imagine the neighborhood/city plays a part in the cost but maybe some of you are paying more because you're insuring more stuff?

[Sam82]

Originally Posted by Nelly Nomad

Haggard, sorry to hear about your troubles.

I agree. Renters' insurance is not a fluff expense. As far as cost goes, isn't it partially determined by how much stuff you have? Ours is very inexpensive (less than $75 for a year) because we're living on bare-bones furnishings (we're only renting temporarily and most of our goods are still in our other house). I imagine the neighborhood/city plays a part in the cost but maybe some of you are paying more because you're insuring more stuff?

Here are some of the things that the insurance companies take into consideration when determining the cost of your annual insurance:

-The total value of your belongings (expensive items like jewelry have to be covered seperately and will drive up the cost even more)
-the area you live in (high crime = higher cost)
-whether or not you have a security system
-your deductable

[sonarrat]

Originally Posted by Sam82

Here are some of the things that the insurance companies take into consideration when determining the cost of your annual insurance:

-The total value of your belongings (expensive items like jewelry have to be covered seperately and will drive up the cost even more)
-the area you live in (high crime = higher cost)
-whether or not you have a security system
-your deductable

I scheduled my $15,000 piano separately with an endorsement on my insurance and lowered my property limit by that much.. it actually came out cheaper that way.

[Niftybergin]

I have renters. I pay about $120 per year. I estimated the replacement worth of my personal belongings at $30,000. I sincerely doubt it's that high...but then again, when I factor in EVERYTHING I own, maybe it is. My deductible is $250.

I hope I never have to use it, but it's nice to know I have it. Just in case. Good peace of mind at a reasonably low cost.