renter's insurance. are these really needed?

Question

never used them, but is considering of using them one day. how much do they cost on average per month?

Answer 1

When I rented I always had renter's insurance. It's not that expensive and if something were to happen I wanted to have the peace of mind that I had something to fall back on to help me out.

Answer 2

The only kind of "renter insurance" I can think of would be insurance against some really extensive damage to the property of the renter, that the tenant was obviously responsible for, involving a significant amount of money - like, running into hundreds of dollars, perhaps even thousands.

Irresponsible tenants often do plenty of damage to the property they are renting. It's the Landlord's nightmare. But for the most part that is what the deposit is intended to cover, and since you cannot force anybody to take out "renter insurance", if that irresponsible tenant does more damage than the deposit covers, it would only add to the landlord's costs to try and take him to court. That tenant very probably hasn't got anything anyway.
A truly responsible and considerate tenant, may feel he wants to cover himself against something so exceptional that it caused extensive damage unintentionally. Like maybe an exploding pressure cooker that demolished the whole kitchen for example. (I did that one time while living overseas - steaming snails in the pressure cooker) Being a responsible tenant I had the whole kitchen put back "like it never happened" which did cost about three thousand dollars.

But it would entirely depend on the general habits, lifestyle and behaviours of the tenant, whether he might think it was in his best interests to take out insurance to cover the unexpected, and expensive accident. The insurer would have to evaluate all the factors and design a coverage policy for that particular individual based on that evaluation.

Answer 3

I used to manage rental properties. One day a house burned down and one of the renters was hurt. It was his child's fault that the fire started (left an iron on).

The landlord's insurance company covered the landlord and then filed suit against the renter because the fire was their fault.

If they had had renters insurance they would have been covered and protected and not had a lawsuit. They would have also had coverage for their stuff.

I think it is very cheap but it depends on location, and how much stuff you have.

Answer 4

I had renters insurance a couple of yrs, ago but I can't remember the price I was paying.When I bought my house it just switch over to home owner ins. Like any ins. it is better to have than need than to need and don't have. It also cover property I had in storage, and at my daughters house. It didn't cover the same value it would if it had been with me. So consider using it. It is not as high because it is covering your personal possessions only.

Answer 5

Yes, you should have it...

If some damage occurs to the house, all possessions are lost. While the owner is protected with being able to repair the home, you would be responsible for all contents lost. Cost of replacing furniture, clothes and computer in the event of a fire, or other covered emergency are more than the $500 deductible.

I use Allstate and it's about $13 a month...

Answer 6

Renters insurance costs less then 20 bucks a month.

Its a good deal considering it includes liability, so if someone is hurt in your rented home you are covered legally, and also contents coverage, so if your home burns down or is robbed they will pay for replacement of your stuff.

Answer 7

I suggest one to visit this website where you can compare quotes from different companies: http://insuranceforcheap.info/index.html?src=2YAZRy44SWBduj

RE :Renter's insurance. are these really needed?
never used them, but is considering of using them one day. how much do they cost on average per month?
Follow 23 answers

Answer 8

Its always a good idea to have renters insurance. Specially if you live in an Apt. building. Cause you never know what your neighbors are doing and if they set there apt on fire for example then there goes your stuff too! It covers all your property in your apt. and depending on the insurance company, i think its fairly inexpensive.

Answer 9

It is well worth the low cost. If you live in an apartment complex, sometimes the careless actions of another can ruin all of your personal belongings,such as a fire. The premiums are very affordable. You can call any insurance agent to find the correct amount of coverage you need. Remember the building/home is covered but not your personal property.

Answer 10

renter insurance i pay 140 dollars a year for it. It worth it .