r2i forum

Hello - anybody ever used a Renters Insurance for rented apartments ? This year, our apartment guys have come up with a new rule and looks like a mandatory one of getting us to go in for a Renters Insurance for a 50k Liability.

Any suggestions on the choices of companies and the approximate monthly premium?

Also, is it a legal thing to do..to insist on the tenants taking the insurance or is there a loophole there?

Thanks in advance..

SN

I always had Renter's insurance (1996-2000) even though it was not mandatory.

I had it with Liberty Mutual. In 2000, it was approx $200 per year. I live in Northern NJ.

I would strongly recommend buying it.

Some people trash the appartment more than what the security deposit will cover. Therefore some Appartments insist on insurance.

Cost depends on location, value of assets declared, etc. IIRC, we paid approx. $20/month for this insurance.

I also had to buy recently. It's mandatory in my apt complex, if you want to install satellite dish.
cost is around 150 per year. If you buy with your auto insurance provider, you may get multi policy discount.

If your car insurance company sells renters insurance too (like statefarm, amfam etc.), then by going with them you may get a good discount.

Thanks, guys! Will chk with Mercury, my car insurance and also some others if they have any discounts...

State farm, have both car and renters. Renters is approx $160-180 for one year (It was a little more in Atlanta I think and slightly less now in Ohio)

I had them for a while. GMAC & AAA both had similiar rates at that point ($150-200/yr range). Goes down if you have car(s) insurance with them.

OP, I am using renters insurance from AAA and it rates are very good. I am paying $83 per year for $15K property and $300K liability coverage. And I am also getting discount on my auto pocily due to this. They require AAA membership though.

Renters insurance generally comes with coverage for your belongings, but also an umbrella liability coverage that would pay out if you got hurt on the premises. I don't know what specific situations would be covered by the liability policy, but basically, if there's a big accident, your insurance company would pay, rather than you trying to hold the apartment complex responsible for the cost.

Thanks a lot,
Amli