Renter's Insurance?

Question

Do I need to get renter's insurance if im renting an apartment?

Answer 1

Yep. Highly recommend it.

I had a renters policy for 5 years- basic - paid about 150.00 per year. A pipe in the ceiling of my apartment burst and flooded the entire apartment. The renters policy paid over 5000.00 to move all my belongings out of the apartment, clean them and store them.

Renters will also provide liability coverage - should your pet bite someone - the renters will pay for the claim. If your purse/laptop are stolen from your locked car -you can file under your renters policy (auto will not cover it).

Highly Highly recommend renters policy.

Answer 2

All the apartments I was looking at required proof of insurance before I could sign the lease.

Besides that it is a good idea...if your place is broken into, catches fire, sprinklers go off because your neighboor can't cook, huricane topples the building, ect, ect, ect...you are responsible for having insurance on your personal property to replace your stuff. If anything happens in your apartment and ruins your belongings and you have no insurance you have no recourse, your stuff is just gone.

I got 1 year's worth of renters insurance from State Farm with a jewelry rider, and a $100 deductible for $211/year. That is only $17.58/month. It is well worth it.

Answer 3

It is a good idea to get Renters insurance. The landlord has insurance on the building but it does not cover if your personal property is stolen or destroyed.

Answer 4

Renter's insurance covers your personal belonging in the event of a loss. Someone breaks in and steels your TV, you have a fire, etc. It is a good idea to have renter's insurance and it really does not cost that much.

Answer 5

You really should get renters insurance when you have an apartment, if their is a fire the owners of the building will get insurance money, but you will be out, so it is a very good idea to do so! : ) It is fairly cheap too!

Answer 6

As far as I know there is no law requiring it, but it is a good idea to have it. I lived in a place that had problems. When the pipes in the apartment above mine burst through the celing I was glad i had something to cover me and my property. If something would have been damaged, my land lord's insureance would only have covered his interests.
Renter's insurance is not that expensive and if you put it on the same policy as your auto insurance, most companys will give you a reduced rate on both.
HOpe this was helpful.

Answer 7

Yes you do. If there is say a fire that is your fault (lets see-some of the ones I have dealt with "flicked cig in trash and went to work" "cat knocked candle over while tenant was in the bath") then you are legally responsible for the damages and the remaining rent. Not to mention that there is your prop lost. You can also have water leaks that you (or a pet) cause. It is in your best interest to carry insurance. Now if you are a college student your parent's home owners may carry over and give you some coverage, it is best to ask your agent. And check your lease-they may stipulate that you have to carry it.

Answer 8

If I own a house and not applying a a private loan i will get a renters coverage somewhat than house proprietor coverage. that's a narrow area of interest, e.g., a run down abode that's uninsurable using undesirable upkeep. the threat to the coverage employer is the comparable the two way, i.e., guideline occupied or proprietor occupied.

Answer 9

I recommend it to all my renters as they or their contents are not covered under my insurance. The cost is pretty minimal.

Answer 10

Hi,
Yes you should carry your own insurance. The Landlord carries ins. on the building, but that would not cover the loss of your property say in the case of theft for example.