1. 104 POINTS
    Josh Stanley
    Principal Agent, Palmetto Choice Insurance Agency, Spartanburg, SC
    Most people consider purchasing renter's insurance to cover their personal belongings - most renter's policies will pay for the loss of personal property due to theft, vandalism, fire, etc. However, a renter's policy can also provide coverage if you are personally liable for injury to another person or damage to their property due to a non-vehicle related incident. In addition, a renter's policy may also pay for "loss of use" due to a covered loss, meaning if you are forced to temporarily relocate due to said loss, there may be coverage for related expenses.

    Renter's insurance is typically very affordable. Premiums can vary from one person to another, and some companies may offer better prices than others depending on your location, but I've seen renter's policies as low as $9 or $10/month. Please bear in mind that there are a lot of variables that affect your rate, and you may or may not be able to find renter's insurance for this kind of price.
    Answered on October 3, 2015
  2. 75 POINTS
    Carl Houde
    Insurance Agent, Davila & DeFusco Insurance, Saugus, MA
    Great question! I agree with the answer above and would encourage you to ask your agent if your auto insurance company has a renters insurance partner/affiliate that will allow you to save money by bundling the coverage.

    The bundling savings is generally bigger for full homeowner policies, but I always make sure to check to see if there are any discounts available.
    Answered on October 8, 2015
  3. 111 POINTS
    Katelyn Atwater
    Sales Associate, Liberty Mutual, Boston, MA
    I agree with the coverage part of answer one, however, if your renters insurance is only $10 a month I would question how much coverage you are actually getting. Why pay for something that will not protect you when something actually does happen? Questions to ask your agent are: what they are basing their recommended coverage amount on; if your property is covered only if it is inside your home (some companies offer world wide protection- if you're on vacation and the airline loses your luggage for instance); how any valuable items such as jewelry or art, are protected- they should be scheduled on your renters policy otherwise they are only protected up to certain limits. And yes definitely look into bundling renters and auto for an additional discount!
    Answered on October 9, 2015
  4. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Generally speaking, renters insurance is fairly inexpensive and something that should always be considered. The policy provides coverage for your personal belongings as well as protection for you should you be held legally liable for someone's injury or damage to their property. Many landlords and apartment complexes here in Connecticut make having a renters insurance policy a condition of their lease agreement. This requirement takes the choice out of your hands of course. The premium charge will be based upon the amount of personal property coverage you need, the amount of the deductible you are willing to accept and finaly the amount of liability protection you want your policy to provide.
    Answered on October 15, 2015
  5. 161 POINTS
    Ty Peck
    Agency Producer, Farmers Insurance, Ferndale, WA
    Great question! Renters Insurance covers your personal belongings in case of a fire in the rental unit or theft. There will also be a coverage for Loss of Use and Personal Liability. Loss of Use will pay for your needs to live somewhere else for a short period of time if the rental is not livable after a covered incident. Thanks!
    Answered on January 26, 2016
  6. 1866 POINTS
    Paul Roth
    Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
    Insurance in general, is designed to share the expense of a loss over a great number of people. So, if you have a 1985 Yugo a VCR and a stack of cassette tapes, don't bother to get renters insurance. On the other hand, if you have something to lose, and would not be able to financially replace easily, think about this. If your neighboring apartment dweller decided to fall asleep with a cigarette and burned your building to the ground-along with your 4.000.00 leather sofa, 3,200.00 72 inch big screen, 1,500.00 thundering sound system, 7,600.00 Luxury Dux mattress, 10,000.00 worth of clothes, along with some other toys, could you easily afford to replace it all? If not, get some renters insurance. Often priced starting at under 20.00 a month, it might be easier on your budget to forego a few lattes and get the insurance than replace that wardrobe after the smoke clears. Additionally, if you purchase your renters insurance with the company that insures your car, you may get a discount on your car insurance to offset some of the cost of renters insurance.
    Answered on June 11, 2016
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