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There is a difference between overestimating and blatenly disregarding the scenarios. Even more so renters insurance is cheap, realitively speaking except for people who don't own anything such as yourself. You can build strawmen around other scenarios that simply don't apply here.
How is discussing hurricane risk a strawman when responding to a post that was discussing specifically hurricane risk and not total risk?
What engineering discipline are you focusing on that pays $80K entry level in a cheaper market such as Houston?
I think he said he is an ME (mechanical engineer). It is easy for chemical and petroleum engineers fresh out of UT or A&M to earn above $80K in Houston right now.
Is the purpose of not over-estimating risk escaping YOU?
Not all of us care to put money every month towards something that has a 0.005% chance of happening in a given month.
I apologize if this seems irrational, but I live with probabilities, not possibilities. I mean we could just all stay in bed all day to avoid the .0001% chance of being murdered on the sidewalk at 9am, but to what end?
Most of the money spent on insurance is completely wasted. It is up to each individual to consider their tolerance for risk.
Regardless of what your father says, theft is a real risk in many parts of Houston. That is the first reason I'd buy renter's insurance in Houston. The threat of severe weather is real, if not probable. The OP will likely have some nice things considering his income level.
By your standard, unless you are a poor driver, you probably don't need any auto insurance either. How often have you had an accident?
Renters insurance is cheap. I'd have it based on what I know of the OP's expected lifestyle and place of residence. Maybe you wouldn't. Your choice.
Massive home damages throughout the city from wind, flooding, and fallen trees. I don't have a number for you.
Interesting. A friend of mine likes to chat about natural disasters, that's why I asked. I would never recommend my dad going without insurance - he has quite some amount of valuable stuff in that house.
Quote:
Originally Posted by hoffdano
Most of the money spent on insurance is completely wasted. It is up to each individual to consider their tolerance for risk.
Regardless of what your father says, theft is a real risk in many parts of Houston. That is the first reason I'd buy renter's insurance in Houston. The threat of severe weather is real, if not probable. The OP will likely have some nice things considering his income level.
By your standard, unless you are a poor driver, you probably don't need any auto insurance either. How often have you had an accident?
The thing is, they aren't very comparable risks. In the event of something happening in one's living space, the probable risk is limited to the value of the stuff - in my case about $2500, in others it might be $20,000. This is especially true for those components of the risk that would only affect one house at a given time, such as theft or vandalism. To be fair, a hurricane would hit not only your house but also others, making it potentially more difficult to find temporary housing. Same with a nasty earthquake. Certainly a strong case exists for those in natural disaster zones to take that risk into consideration. Renter's policies don't always cover alternative accommodation for a long period of time, and for those in such areas one should definitely pay attention to that.
Quote:
Originally Posted by hoffdano
Renters insurance is cheap. I'd have it based on what I know of the OP's expected lifestyle and place of residence. Maybe you wouldn't. Your choice.
I think anyone whose stuff is worth more than about 25% of liquid assets should probably have it, all else ordinary.
I think he said he is an ME (mechanical engineer). It is easy for chemical and petroleum engineers fresh out of UT or A&M to earn above $80K in Houston right now.
I can see that with Chemical and Petroleum Engineering, but for other disciplines like Civil and Mechanical, $80K out of school is damn good.
I think we offer entry-level ME's at my company $60-65K out of school near Boston
Oh yeah, I was exaggerating for illustrative purposes.
12-16-2014, 01:04 PM
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n/a posts
Do we really need a multi-page discussion over an insurance policy that, in all likelihood, is going to cost the OP on the order of $10/month?
Also many nicer apartments won't even let you move in without providing proof of insurance, so it's a bit of a moot point.
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