Author Topic: Renter's Insurance  (Read 1735 times)

dodojojo

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Renter's Insurance
« on: August 25, 2019, 11:57:23 AM »
My mom's lives in a senior apartment building and the manager is encouraging her to buy renter's insurance.  One of the reasons being that if she does anything to damage her unit and/or the building, she would be liable.

So I looked into renter's insurance for her (and myself). The coverage though seems to cover her property, not the unit and building.  The insurance would also cover for hotel stay and personal injury to anyone visiting her apartment. But I do not see anything remotely related to coverage for the building and unit itself.  Wouldn't the building owners have insurance that cover their building and units?  And that insurance would kick in regardless of the tenant's actions?

I have not bought insurance for either of us because frankly we don't really have much to cover. 



« Last Edit: August 25, 2019, 11:59:21 AM by dodojojo »

terran

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Re: Renter's Insurance
« Reply #1 on: August 25, 2019, 12:10:24 PM »
I think it's possible that there is some coverage if one's actions damage the property (of course, you'd want to check that before relying on it), but the big reason I think it's important is the liability coverage. Covering your things, as you say probably isn't that big a deal, but if someone is injured on the property and it's decided to be your fault it's good to have the insurance company there to help defend you. It should be pretty cheap too. We pay $140/year.

Archipelago

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Re: Renter's Insurance
« Reply #2 on: August 25, 2019, 12:26:37 PM »
Quote
One of the reasons being that if she does anything to damage her unit and/or the building, she would be liable.
That is not true. Tenants are liable for damages that are beyond reasonable wear and tear. Landlords who withhold security deposit funds for any sort of repairs should not be accepted blindly.

However, it is wise to hold a renter insurance policy. If anything were to ever happen, you'd be protected for your home's contents. Fires, natural disasters and "acts of God" do happen, and insurance protects you. $10/month is worth it.

Sibley

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Re: Renter's Insurance
« Reply #3 on: August 25, 2019, 02:44:03 PM »
There are landlords that require you to get renter's insurance, because if there's a fire or something they don't want you coming after them for all your damaged/destroyed belongings. However, if the landlord really thinks renter's insurance would cover property damage, then they have no idea what they're talking about.

SunnyDays

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Re: Renter's Insurance
« Reply #4 on: August 26, 2019, 12:51:24 PM »
Property damage is what damage deposits are for.  In the event the damage exceeds the deposit, I guess the landlord could take a renter to small claims or civil court.  In my experience, insurance was for contents only.

dodojojo

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Re: Renter's Insurance
« Reply #5 on: August 26, 2019, 03:57:20 PM »
I think the manager may have exaggerated the need for renter's insurance in order to compel her to buy it.  At least I hope so. 

Gin1984

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Re: Renter's Insurance
« Reply #6 on: August 26, 2019, 04:43:04 PM »
Most renters insurances have liability insurance as a part of it and if you damage your apartment through negligence, your landlord (or more accurately his or her insurance) can you after you for the costs

lutorm

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Re: Renter's Insurance
« Reply #7 on: August 28, 2019, 12:52:53 AM »
Most renters insurances have liability insurance as a part of it and if you damage your apartment through negligence, your landlord (or more accurately his or her insurance) can you after you for the costs
^ This. If your Mom falls asleep while smoking and the place burns down, or something similar, they'll come after her.

Linea_Norway

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Re: Renter's Insurance
« Reply #8 on: August 28, 2019, 04:22:33 AM »
Most renters insurances have liability insurance as a part of it and if you damage your apartment through negligence, your landlord (or more accurately his or her insurance) can you after you for the costs
^ This. If your Mom falls asleep while smoking and the place burns down, or something similar, they'll come after her.

In that case, if your mom is getting older, she might develop a bit of AZ and then things can start to happen, like not turning the stove off after cooking.

calimom

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Re: Renter's Insurance
« Reply #9 on: August 28, 2019, 11:58:13 AM »
I'm a small time landlord and require tenants to have renters' policies. It's very affordable!

If the hot water heater explodes and damages floors plus a downstairs unit, it's the responsibility of the LL. If the tenant lets the bathtub overflow and does similar damage, it's on the tenant. If the entire building burns down, renter's insurance will cover content. replacement, and most importantly pay to relocate the tenant for about 2 years with most policies.

It's foolish not to have it.

dodojojo

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Re: Renter's Insurance
« Reply #10 on: August 28, 2019, 11:58:58 AM »
Most renters insurances have liability insurance as a part of it and if you damage your apartment through negligence, your landlord (or more accurately his or her insurance) can you after you for the costs
^ This. If your Mom falls asleep while smoking and the place burns down, or something similar, they'll come after her.

In that case, if your mom is getting older, she might develop a bit of AZ and then things can start to happen, like not turning the stove off after cooking.

Yes, it's a tall building with quite a few seniors way up in years.  My mom is a spring chicken in comparison.  So I understand why he wants them all to buy insurance.  So that means I can't just buy her minimal coverage--just her property?  I have to buy insurance that covers the building also?

Mrs Brightside

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Re: Renter's Insurance
« Reply #11 on: August 28, 2019, 12:27:44 PM »
The liability portion of the renters insurance should cover damage that you are legally responsible for. It’s usually about $100/year. If there’s a reasonable chance she could damage someone else’s property it seems worth it for peace of mind. Maybe talk to an insurance agent if you’re confused about the coverage. This liability coverage for the building should not be something special you need to add.

Gin1984

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Re: Renter's Insurance
« Reply #12 on: August 28, 2019, 02:47:36 PM »
Most renters insurances have liability insurance as a part of it and if you damage your apartment through negligence, your landlord (or more accurately his or her insurance) can you after you for the costs
^ This. If your Mom falls asleep while smoking and the place burns down, or something similar, they'll come after her.

In that case, if your mom is getting older, she might develop a bit of AZ and then things can start to happen, like not turning the stove off after cooking.

Yes, it's a tall building with quite a few seniors way up in years.  My mom is a spring chicken in comparison.  So I understand why he wants them all to buy insurance.  So that means I can't just buy her minimal coverage--just her property?  I have to buy insurance that covers the building also?
It is not for the building, it is to protect your mom from bring sued if she is negligent.

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lutorm

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Re: Renter's Insurance
« Reply #13 on: August 28, 2019, 03:38:02 PM »
I'm of the opinion that liability insurance generally is a lot more important than insuring "your stuff", even though that's what most people seem to think of when they think insurance. The loss from the latter is capped at its value. The loss from liability claims is only capped by your net worth. It seems clear to me which one you need to "insure" against (as in, could you afford the loss?)

Even if your liability limit is lower than your net worth, having coverage means the insurance company will fight claims on your part rather than you having to do it by yourself, and my impression is that this means it's a lot more likely to get settled within the insurance limit unless both the claim and your net worth is sky high.

diapasoun

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Re: Renter's Insurance
« Reply #14 on: August 28, 2019, 03:55:18 PM »
Yes yes yes to everyone discussing the liability insurance. I have renter's insurance -- not to replace my possessions, but because if I ever fuck up and start a kitchen fire, I don't want to be paying thousands of dollars out of pockets for smoke damage, new appliances, etc. I'm a low key person and don't take a lot of risks, but accidents happen.

McStache

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Re: Renter's Insurance
« Reply #15 on: August 28, 2019, 05:56:39 PM »
I have Lemonade for renter's insurance and they've made everything very clear and simple and cheap. I haven't had to file a claim, but based on my experience to date, I would highly recommend them.  I pay ~$5 per month.

dodojojo

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Re: Renter's Insurance
« Reply #16 on: August 28, 2019, 06:28:37 PM »
Thank you everyone, you've convinced me.  I'm going to do some price shopping, show him here and will welcome feedback.  I want to make sure I have got the liability part right.  Maybe I can get a 2 for 1 discount...since I'm a renter too.  I want to make sure our payments are for good liability coverage and little on property since neither of us have anything worth insuring.  I've got my cats, but I'm pretty sure insurance won't cover 'em.