Who Needs Renters Insurance?
- 0 POINTSview profileElvira CoonerAnyone who rents a place should carry insurance on their property inside such as your furniture, clothing, electronics, etc. The landlord does not carry insurance on your property.Answered on April 16, 2014flag this answer
820 POINTSview profilePete WittmanPresident, The Wittman Group, TennesseeIf you are renting an apartment, condo or home to live, you should have renter's insurance. Not only will renter's insurance cover your personal Property (contents), but it also covers liability. Several years ago, I had a young women come into my office looking for advice on what she should do. She had been visiting her cousin, who lived in a town home. She went out on the back patio and lit a cigarette, smoked it & was sure she put it out in the dirt of a nearby planter. She and her cousin went out for dinner, only to return to the town home & the town home adjoined to be full a blaze with fire trucks putting out the fire. She was determined to be a fault. The insurance company of the adjoining home paid the claim and then subrogated (sued) her for the damages (~$105,000). Had she had renter's insurance, it would have paid the claim under her liability portion of the policy. Instead, her wages were garnished and will continue to be garnished until the claim is paid in full.Answered on April 16, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! You do not need renters insurance if you have a great amount of cash hidden away in a Swiss bank account, or somewhere similar. If your belongings are stolen or damaged somehow, you can just dip into that account and buy all new stuff to replace what was stolen or lost. If that is not you, then maybe renters insurance is a good idea. Most of us do not have the money to replace our things in the event of a fire, or burglary, and that is the purpose for the insurance. It can be a real blessing in the event of some unexpected hardship.If you would like some more information on what you should look for in the policy, please contact me, I'd be happy to help. Thanks for asking!Answered on April 16, 2014flag this answer
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