Renter's insurance... anyone?

  1. Hi, I am seriously considering getting renter's insurance for my apartment in new york. My cousin keeps pressuring me to get it to be on the safe side.

    Does anyone else have renter's insurance? I was wondering if I have to take pictures of everything in my apartment that's going to be covered in the policy... :nuts:

    :flowers:
     
  2. I don't know what's behind renter's insurance and the process... but here's a little thing for thought that my family as encountered lately. My aunt rents an apartment and was debating renter's insurance. She decided to get it. Three days ago there was a large storm with a lot of rain. The 3rd floor apartment's roof caved in and water leaked through their floors and into my aunt's 2nd floor apartment. Luckily it missed things like her computer, home theater stuff, and her treadmill... but her huge bed, guest room furniture, some livingroom furniture... entire bathroom... soaked. The landlord claims they'll cover it all, which we're doubting so she filed a claim with her insurance.

    When I worked for Wells Fargo I had to push renter's insurance and try to make sales off of it and most people would ignore it because they knew it was my job to try to get them to sign up for something else... but it can be VERY beneficial if there were to be something that happened to your apartment. :o)
     
  3. I own my home now but when I was a renter I always carried renter's insurance. Your landlord's insurance will not cover your personal property. You shouldn't have to take pictures unless you are insuring something special like an expensive piece of jewelry. In general renter's insurance isn't really that expensive and if you have a car you can sometimes get a discount if you use the same company you get your car insurance from.
     
  4. I had renters insurance when I was in an apartment and it's definitely worth it. Just for peace of mind alone. :smile:
     
  5. I had renter's insurance when I first moved to LA to cover theft for all my computer equiptment since I was mostly working at home...and when i went to vegas, I brought my laptop and it was stolen, and can you believe that it was covered on my renters insurance?? they sent me a brand new one once I submitted my stolen item police report thing!
     
  6. Definitely worth it! Even if nothing ever happens in your apartment (ie. someone's child falling, breaking their leg and suing you for it) you'll at least know that you've got a company that's behind you.
     
  7. WOW OK, good to know... I'm definitely going to get one. I've been looking at allstate for renters insurance and it's not that expensive a month to cover yourself!!! Yea, i'll have peace of mind definitely!
     
  8. Yeah we have it. I don't know the details. My bf handled it. It's definitely worth it for the piece of mind. I feel when you're living in an apartment- you never know what your idiot neighbors are doing (falling asleep with cigarettes, burning something, etc.).
     
  9. i used to work in insurance and i think you should always have some type of coverage. tenant's insurance is a must if you live in an apartment, not only for your own belongings, but also for the liability coverage that comes with it...for example, if you left your tap running and caused a flood in other apts, you could be held personally responsible for the damage. liability insurance protects you from these types of situations. you usually don't need photos of your stuff, unless you have some really high end things, which you may want to insure as floaters - no deductible applies and the limit is higher than what's available in a standard policy, but appraisals are sometimes necessary. normally you just estimate the amount of coverage you need for your stuff, usually runs increments of $5,000 starting around $25,000. its cheap peace of mind IMO.
     
  10. I have renter's insurance. It's definitely worth the money. I didn't have to take pictures of anything. I have only made one claim so far since I have had the policy. In 2001, we had a really severe storm that caused millions of dollars in damage. A power surge blew up my stereo. I got a check to pay for a new stereo fairly quickly without having to go through a lot of red tape.
     
  11. Get it! I own a townhouse in Orange County that I rent to a family, but my insurance is only for like, if they trip on a faulty stair and get hurt, something like that, but it does not cover their personal property at all. You want to have coverage for theft too..
     
  12. I was going to post a thread asking about this as well. Any companies people recommend? Also, did anyone get a jewelry rider? I'm rather nervous about the jewelry that I do have at home, even though I keep some in the safety deposit box.
     
  13. Renters insurance is cheap and worth it, especially if you are going to be in a big city. When I was renting years ago, I had my car broken into at Christmas time. The trunk was full of gifts I'd shopped for (the car was in a shopping mall underground parking garage when it was broken into) and somehow the car theives got in without prying the lock out on the car. I discovered that my car insurance would not cover the theft because no damage had been done to my car, however my RENTERS INSURANCE did cover it. So renters insurance does come in handy in ways you don't realize!
     
  14. I use USAA but that is not available to all people. I have heard good things about Farmer's. Definitely get the jewelry rider, it's worth it.
     
  15. YES! :yes: DO IT!! You should get a discount if you use the same co as your car too. It's worth a few bucks to protect your valuable personal property :wlae: