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Money Matters
Renters Insurance Coverage
By Moonlitefairy06member has saluted, click to view salute photos Comments: 7177, member since Fri Apr 16, 2004
On Tue Mar 25, 2014 11:01 AM

I just moved into a new high rise apartment in the DC Metro area. It's owned by a rental agency, not an individual landlord. I am not required to buy insurance, but it's highly recommended and I plan on it ASAP to cover my furniture, electronics, clothes etc.

My question is: How much coverage of renters insurance do you have? At my last apartment I got a plan from All State for $25,000 of coverage for about $10/month. My new apartment recommended getting $300,000 (yes you read that right) worth of coverage and told my mom and I this horror story of a couple who burned a pizza and set off the sprinklers on the 7th floor and the water damaged every apartment underneath them and the lobby, and they are now on an installment plan to pay it back. I'm on the 12th floor. This 616 square foot apartment has so many sprinklers, they are making me more nervous than feeling safe!

I know things are different depending on what part of the country you are in and what type of residence you are in but I just wanted to get some more opinions. I've asked on FB as well, which has helped me get some more local opinions.

11 Replies to Renters Insurance Coverage

re: Renters Insurance Coverage
By Josianemember has saluted, click to view salute photosPremium member Comments: 1643, member since Sun Nov 06, 2005
On Tue Mar 25, 2014 11:18 AM
Edited by Josiane (144829) on 2014-03-25 11:19:45
I have renters insurance. It's not mandatory where I live. I live in a 12 apartment building and it's very old and full of people who can't cook. Seriously, I hear their fire alarm go off once a week and someone once threw a pan that was on fire from the second floor.

I am insured for my own things for 20 000$ and for other peoples damages resulting from my own fault for 2 millions.

If thats what the 300 000$ covers, then it's not a lot.

I pay 300$ a year
re: Renters Insurance Coverage
By Trout Comments: 897, member since Mon Nov 08, 2010
On Tue Mar 25, 2014 01:28 PM
This is a good article about liability:
blog.autohomeboat.com . . .

Look into your Renter's Insurance plan before you get anything and know what kind of liability coverage they offer. You may not need to go as extreme as your landlord was suggesting, and some plans include liability in the $10-$15/month plan. Talk to your insurance company, it's their job to make sure you're choosing the right thing.

If insurance is an option, get it. This applies to renter's, homeowners, medical, dental, car, etc. etc. You never think it will happen to you but if it does, insurance can save your behind.
re: Renters Insurance Coverage
By SaraTheGrouchmember has saluted, click to view salute photosPremium member Comments: 8600, member since Thu Apr 17, 2003
On Tue Mar 25, 2014 03:19 PM
My apartment complex (in South Carolina) requires proof of an $100,000 policy, at a minimum. I think my policy covers a bit more because I customized it to suit what I have in here. I pay $18/month, but to me it's worth it for the peace of mind.
re: Renters Insurance Coverage
By Moonlitefairy06member has saluted, click to view salute photos Comments: 7177, member since Fri Apr 16, 2004
On Wed Mar 26, 2014 01:55 PM
It turns out that my last policy did have a 100,000 liability, I just didn't realize it or know what it meant. I guess that's why it shocked me, I was comparing 25,000 to 300,000 and thinking the price would skyrocket! I talked to an independent agent who recommended at least 500,000. I put in for a quote from State Farm (that's what I had before not All State, I always mix those two up). The calculator said $115 for the year but I don't think that's right since it didn't change even when I upped the liability from $100,000 to $500,000. BUt hopefully I'll hear from an agent soon and see what it is. The peace of mind thing is definitely worth it. I now can't believe that I went without it for quite a bit of time in graduate school, I didn't know anything about liability other than if someone falls in your apartment. For medical costs for others, I upped it from the minimum $1000 to $5000. It's hard to tell how necessary that is now with AFA/ObamaCare. Again it didn't change the price of the quote. We'll see I guess.
re: Renters Insurance Coverage (karma: 1)
By Tansey Comments: 2367, member since Fri Mar 27, 2009
On Wed Mar 26, 2014 06:50 PM
If you have any good jewelry, ask your insurance agent whether you need a jewelry rider to cover it. Several years ago when my sister was living in an apartment there was a break-in. The thief/thieves took all her jewelry. Although she had always had renter's insurance, she didn't have much jewelry when she first moved there, and hadn't thought to get a jewelry rider once she had acquired more pieces. So she didn't get much from the insurance company for the stolen jewelry.
re: Renters Insurance Coverage
By Moonlitefairy06member has saluted, click to view salute photos Comments: 7177, member since Fri Apr 16, 2004
On Wed Mar 26, 2014 10:28 PM
I don't have a ton of jewelry, class ring is my most expensive piece. I want to say the plan I asked for a quote for had an automatic coverage of about $1,500 just for jewelry. That's definitely something to keep in mind though for all of you newly engaged DDNers!
re: Renters Insurance Coverage
By Moonlitefairy06member has saluted, click to view salute photos Comments: 7177, member since Fri Apr 16, 2004
On Thu Mar 27, 2014 02:45 PM
I bought a plan with state farm today.
40K of belongings
500,000K liability
Plus the rest of the stuff it came with. It ended up being $115.00 for the year.
re: Renters Insurance Coverage
By SarahdncrPremium member Comments: 635, member since Wed Jul 29, 2009
On Sat Mar 29, 2014 07:26 AM
For being single, admittedly, I have a lot of stuff. So I have something like $300 - 400K renters with my place here in Texas. My renter's pays for full replacement value, and it also has a liability component to it. I have had the policy for years, and I think I pay something like around $180.00/yr for it. FYI, renters insurance is dirt cheap, and more young folks should get it.
re: Renters Insurance Coverage
By majeremember has saluted, click to view salute photosPremium member Comments: 5889, member since Sat Sep 29, 2007
On Mon Mar 31, 2014 10:29 AM
Can I hijack this post?

We (my parents, brother and I) are moving to an apartment. My parents this morning were just figuring out this renters insurance thing. Allstate will not cover them (they had them for house insurance for 10 years and filed two claims and they dropped them because they filed too many claims). So they called State Farm, because they heard that they were cheaper, but since they filed claims with Allstate they will be paying $27.50 a month ($330 a year).

One claim was because severe weather damaging the air conditioning (it completely broke) unit and the roof. The other was because some one shot our window and broke our TV (needed a new window and TV).
re: Renters Insurance Coverage
By Moonlitefairy06member has saluted, click to view salute photos Comments: 7177, member since Fri Apr 16, 2004
On Mon Mar 31, 2014 10:23 PM
How big is the apartment? I'm assuming with 4 people you are going to have a lot more stuff than I do. And what is the potential damage to others? I upped my liability because I'm on the 12th floor. It stinks that it went up because of the claims, especially since one was a crime against you, but $330 still seems like a pretty good deal to me. I don't know how home owner's insurance compares but I assume it would be less than what you were paying all state before since you won't be responsible for the actual structure and appliances. I know I got some discounts for the building having sprinklers and connected smoke detectors and things like that (funny that sprinkler damage was what I was concerned about but it gave me a discount). Perhaps people with bigger apartment or who are landlords might know more than me on the issue. I was also able to talk to an independent agent on the phone free of charge who basically told me that all plans were going to cost about the same for me from the major companies.
re: Renters Insurance Coverage
By majeremember has saluted, click to view salute photosPremium member Comments: 5889, member since Sat Sep 29, 2007
On Tue Apr 01, 2014 12:36 AM
Moonlitefairy06 wrote:

How big is the apartment? I'm assuming with 4 people you are going to have a lot more stuff than I do. And what is the potential damage to others? I upped my liability because I'm on the 12th floor. It stinks that it went up because of the claims, especially since one was a crime against you, but $330 still seems like a pretty good deal to me. I don't know how home owner's insurance compares but I assume it would be less than what you were paying all state before since you won't be responsible for the actual structure and appliances. I know I got some discounts for the building having sprinklers and connected smoke detectors and things like that (funny that sprinkler damage was what I was concerned about but it gave me a discount). Perhaps people with bigger apartment or who are landlords might know more than me on the issue. I was also able to talk to an independent agent on the phone free of charge who basically told me that all plans were going to cost about the same for me from the major companies.


We only think it is a high rate because the landlord told my parents it would cost about $11-$13 a month. It's a three bedroom, on the first floor (which is preferable here due to tornadoes and high winds). We do have quite a bit of furniture and other belongings.

It is much cheaper then homeowners insurance. So, in that regard: Whoo Hoo!

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