Are you a renter? Do you have renters insurance?

**Greebo** · 09-21-2009, 02:22 PM

http://www.apartmentreviews.net/renters-insurance.htm

The top reason most people don't think about getting renters insurance is the mistaken notion that the landlord will be held responsible for a loss. But as Doug Culkin, executive vice president of the National Apartment Association, explains, "The landlord's insurance covers the building and the infrastructure of that building, whether it is the elevators, the air conditioning, or the structure itself." Culkin notes that coverage does not extend into the homes of the individual residents and the possessions they maintain in their units.

Speaking as a Maryland Landlord, I can attest to the accuracy of the above. We advise our tenants that they need to get renter's insurance - because we don't assume responsibility for your stuff and neither does our insurance.

For about $12/month per $100,000 of coverage, this is some of the cheapest insurance you will EVER hopefully never need.

**monkeywrangler71** · 09-21-2009, 02:33 PM

Good for you for telling your tenants that they need this. When I was first renting I didn't even know it existed. Not that I could have afforded it anyway.

**Palooka** · 09-21-2009, 02:37 PM

When I first rented I never thought about it. Later I always had renters insurance. I mean it's so cheap and wise to have it.

**HisDaisy** · 09-21-2009, 02:37 PM

We have renters insurance and have had it for over 10 years. I wish our first landlords would have told us about it.
Ours is $100 a year for $30,000 in coverage. It is inexpensive, but provides great peace of mind.

**itlw8** · 09-21-2009, 02:40 PM

ds found when he went to get his auto ins policy that the discount he got for having both policies with the same company almost the cost of the renters policy

**frugal is fun** · 09-21-2009, 03:36 PM

I don't rent anymore but I always had it when I was a tenant.

**Nishu** · 09-21-2009, 06:32 PM

Where do you find 100k of renter's insurance for 10 a month? Mine was 20k of coverage for about that much.

We had it at our last place, but renter's insurance is included for us here, so we dropped it.

**trying to be frugal** · 09-21-2009, 07:08 PM

YES and YES!!! Renters insurance is a must in our house. 30,000 for 12 measly dollars a month. Well worth the 12 for peace of mind!

**Greebo** · 09-21-2009, 07:30 PM

Originally Posted by Nishu

Where do you find 100k of renter's insurance for 10 a month? Mine was 20k of coverage for about that much.

We had it at our last place, but renter's insurance is included for us here, so we dropped it.

I was quoting the linked page - the numbers may be dated.

**Nishu** · 09-21-2009, 07:36 PM

Oh.

Damn it.

I thought I was going to get me some cheap insurance to supplement.

**Greebo** · 09-21-2009, 07:43 PM

It pays to shop around. Who are you with now?

**Nishu** · 09-21-2009, 07:46 PM

I used USAA at our last place. I don't know who the renter's insurance is through here. I should probably look that up.

**missmanny** · 09-21-2009, 08:08 PM

I didn't realise that people didn't have this... I have insuarance for my contents. it costs $99 for the year and covers $25K which is more then enough to replace our stuff.

**McD** · 09-21-2009, 08:39 PM

When we rented, our apartment complex required renters have renter's insurance. Ours was about 10$ a month, can't remember the amount that was covered.

**dcompton** · 09-21-2009, 10:41 PM

I would have to look at the policy to see how much coverage I have, and I can't work up the enthusiasm to go do that now, but I pay about $11.50 a month. I also have car insurance too, so I agree, the discount for having both goes a long way to cover it - again, I would have to go hunt the numbers.

What's as important to me as the contents coverage is the liability coverage.