Comments on: Tightwad Tuesday: Renter’s Insurance

By: Lynnae

Lynnae — Fri, 05 Dec 2008 21:45:06 +0000

@IRG – Yeowch! That’s expensive! Still worth it, but expensive! I got my renters insurance (3 bedroom/1 bathroom duplex in Southern Oregon) for about $10 a month by bundling it with my car insurance.

I guess it varies due to location.

By: IRG

IRG — Fri, 05 Dec 2008 20:35:31 +0000

Good article and important reminder.

However, I don’t know where you’re getting your numbers from, but the cheapest insurance we can find in NYC is well over $300 for our very modest one-bedroom in a good neighborhood (low crime rate; lots of police stations nearby, etc.).

I’d love to know who would give us coverage for $10 a month!

By: Fab Five: Quick Turnaround Edition | Frugal Dad

Fab Five: Quick Turnaround Edition | Frugal Dad — Fri, 05 Dec 2008 14:11:24 +0000

[...] Tightwad Tuesday: Renters Insurance. I have advocated renting over buying a few times here at Frugal Dad, particularly if you are not in financial shape to buy a home (read article above if in doubt). However, many times renters fail to insure their possessions in the same way homeowners do, and this can be a costly mistake. [...]

By: Greg

Greg — Wed, 03 Dec 2008 14:57:42 +0000

Flood insurance is separate from all other insurance and only available from the federal government. Be sure to discuss this specifically when purchasing a policy.

Clothing is often the most expensive item most renters have.

By: Lynnae

Lynnae — Wed, 03 Dec 2008 04:53:03 +0000

Earlier in the comments Nicole mentioned checking with your car insurance company. That’s what we always did, and renter’s insurance was really cheap when bundled with car insurance.

And when you get insurance, make sure you ask if the insurance covers full replacement cost or just what the depreciated item is worth. Both of the companies we worked with (American Family Insurance and Country Insurance) automatically insured us for full replacement value, but as Susan said, all companies are different, and you may need special riders for that kind of coverage.

By: Sharla

Sharla — Wed, 03 Dec 2008 04:41:35 +0000

We have been renting for over 9 years now and we’ve never had renters insurance. I’ve been meaning to for forever but you know…..Do you know where the best place is to get it?

By: TStrump

TStrump — Wed, 03 Dec 2008 02:50:21 +0000

I currently rent and absolutely have renters’ insurance.
For the small price I pay each year, it gives me piece of mind in case a disaster happens.
I also run a home-based business and carry additional coverage as I sometimes see clients.
When you rent, you are surrounded by a bunch of strangers and you just never know what will happen.

By: Gypsie

Gypsie — Wed, 03 Dec 2008 01:45:58 +0000

And if you move often due to being military or whatever as long as you continue to carry renters insurance, your stuff is covered in transit. We carried renters insurance with additional coverage for computers and jewelry. When one of the computers died in transit, it was covered!

By: Susan

Susan — Wed, 03 Dec 2008 00:39:29 +0000

We’ve had renter’s insurance since we got married and started renting (9 years ago). Our policy has riders for jewelry and electronics (a lot of policies will only cover the cost to replace the depreciated cost of the computer you own, rather than the cost to actually replace it with a new model; a rider will cover the replacement cost)

Earlier this year, we had a break-in: two laptops, a digital camera, a bunch of jewelry and some other small things–over $9000 to replace everything.

But with the renter’s insurance, we were covered and only wound up paying a $250 deductible. I’ve always thought it was a good idea; I now preach the gospel of renter’s insurance. It’s so worth the $120 or so a year for the peace of mind!

By: Dawn

Dawn — Tue, 02 Dec 2008 21:28:00 +0000

I’m with Kacie. I rented for years and I was never particularly afraid of something going wrong in my own apartment, but I was petrified that a neighbor would leave a candle burning or something like that. Fortunately, I never had to use it, but there were a lot of close calls.