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We sold our house and the contract on the house we were buying fell through. We'll be renting a house for the next few months, up to six months. Today I contacted our homeowners insurance company to cancel the old insurance and the rep. said I should convert it to renter's insurance, to avoid any lapse in coverage. I totally understand having renter's insurance would be good but wonder if it's necessary. If going without it for a few months would mean much higher premium for homeowner's insurance for our next house, I'd buy it now.
If I were you I would do it and the cost of renter's insurance will be a fraction of what you are used to paying anyhow.
We had a similar situation and ended up renting for a few months. We did convert to a renters policy. Then when we went to purchase, imagine our surprise that our company was no longer writing policies in that state. Because we had been long-term customers and didn't let the policy lapse, they wrote a homeowners policy for us. Yes, we could have found other insurance, but since we were very happy with our company, I am glad we didn't let our policy lapse.
Absolutely you need renters insurance! It is very inexpensive. Make sure you have replacement coverage for the contents of your dwelling. You may have to pay for a year up front but it will be refunded pro-rated when you cancel. You really can't afford not to have renters insurance.
Think Katrina!
Yes, you need renter's insurance. It's cheap and you are crazy not to have it. In our area it will typcially cost $20 a month! Remember, it covers not only your personal property (clothes, furniture, etc.) it also covers your liability (you burn the house down, a visitor trips, falls, breaks his neck and he dies, your dog bites the mailman, etc) It will not impact the cost of insurance for the the new home you purchase.
Please, BUY IT TODAY!
Best wishes.
I agree, you need renter's insurance! Don't risk going without it. For example, this rental house could have faulty wiring and catch fire, you would lose everything, and you would have no recourse. The landlord is not responsible for your personal losses.
I had a friend who lived in a high rise apartment complex...the person over him left the bathtub running and it flooded my friends apartment. Ruined his TV, computers, other electronics. No renter's insurance, no money.
depends on what you have that is of value. I first got renters insurance when I got married and suddenly we had 2 computers, 2 TV's, 2 wedding rings, all the wedding gifts, etc.
YES! My wife has a co-worker who was in between homes...guess what happened? A fire destroyed everything they had in their rental. they did not have renters insurance! Took them almost a year to get back on their feet. Even if you don't have anything of real value you would be surprised how quickly the costs add up when you realize you have nothing left but the cloths that were on your back.
well I think it depends--we have decided to go without as we have 80% of our previous homes contents in storage (all of the most valuable stuff besides the computer and a television)--also we are only going to be there for 2 months.....
I would still do it. It's SO CHEAP -- seriously!
and fires aren't the only thing to worry about. renter's insurance should cover something like water leaking down from another unit, or damage done to your personal property by a pipe that has burst, etc. It's better to be safe than sorry, in my opinion.
I think my renter's insurance policy is something like $100/year.
If your storage unit is broken into and everything you own is stolen, it's your responsibility, not that of the storage place. Read your contract. If someone visits your rental home and slips and falls, you'll be sued--do you want to take the chance that you'll lose everything because you were too cheap to spend $100 on insurance?
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