Why Does Someone Need Renters Insurance?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! Anyone who will be putting their belongings into a home owned by someone else, and who doesn't have the money to replace it all should it be stolen or destroyed needs renters insurance. It is a common mistake to believe that the landlords insurance covers you, but it only covers what they stand to lose, not you. Renters insurance is relatively inexpensive, and can really be a blessing if your home is damaged, or you are robbed. If you would like help, please feel free to contact me. Thanks for asking!Answered on May 6, 2014flag this answer
3998 POINTSview profileMatt BenoreFounder, DenverWest Insurance Professionals, Inc.,Jim has told you why you should have renters insurance but let me tell you about which type. You basically have to options, current value or replacement value. Ask yourself if you have the money to replace your tv? Current value will only give you what it is worth now versus what it costs to replace it new.Answered on May 6, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482There are two basic reasons why you would need Renters' Insurance. First, if you are required by the building owner to have it as a condition of your lease. But to me, the most important reason to have it is because you may be renting your home, but you own your personal property and have worked darned hard to get it. So unless you happen to have an extra $50,000 laying around, talk to your Insurance Professional about buying a Renters' policy that will guarantee to replace everything at full current value. It'll be one of the smartest $300 purchases you may make.Answered on May 6, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaIf you are sued it could bankrupt you. If a fire sweeps through your apartment, you could lose everything that you own. If your unit becomes uninhabitable because of a fire it might cost you more to find alternative living space. If your landlord requires that you have a renter’s policy. In the final analysis it is a matter of what could you lose.Answered on May 7, 2014flag this answer
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