Comments about ‘Only 34 percent of renters know that $15 a month can save you thousands’

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Published: Tuesday, March 12 2013 2:59 p.m. MDT

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rogerdpack2
Orem, UT

$15/month to protect your...$200 TV? hmm...

RedShirt
USS Enterprise, UT

To "rogerdpack2" it protects more than your TV. Imagine that your child decides to plug the kitchen sink in your rental, and floods your apartment. Without the insurance you would have to pay for the damage out of pocket. With insurance you are covered for that type of damage.

Victor
Layton, UT

RedShirt, Are you saying the home owner's insurance would not cover that? What may happen is the homeowner requires the renter to pay the deductable on the homeowner's claim. A deductible is normally not going to break the bank any more than a yearly renter's insurance premium.

I could see your scenario being an issue only if the insurance company decided to exercise subrogation rights and pursue prosecution against the renter to try and make the renter responsible for the claim. But how often does that really occur? Most insurance companies will not take this sort of action against a renter because they know they will not see a penny and just lose more money on legal fees. If it is a small claim, the insurance company will just pay it. If it is a large claim, they know they'll never get paid and not prosecute. Possible on rare circumstances maybe, but generally no.

Victor
Layton, UT

Just to clarify, homeowner's insurance will cover damage to the actual home. Renter's insurance will cover damage to the renter's personal items. As what I think rogerpack2 is implying, unless you have expensive items in your apartment as a renter, is renter's insurance really worth it? I suspect no if you are a single college student and your laptop is your most expensive belonging. Now if it is a home being rented and you have lots of expensive things then maybe it is worth it. In most cases, you would not be renting a home if you were wealthy enough to own thousands of dollars of expensive items, IMNSHO.

RedShirt
USS Enterprise, UT

To "Victor" go to the Geico web site and read their "Why Buy Renters Insurance?" page. Safco insurance also has a nice page titled "Renters Insurance Features and Coverage Options" where they go over what is covered.

Both state that it gives you liability coverage, covers you for water damage. So, my scenario is valid and possible.

Lets consider something simple. You live in a basement apartment, and a pipe springs a leak. The owner has coverage for the structure, but your stuf has no coverage. You lose your TV, couch, and beds. Plus you have no place to stay while looking for a new place.

Renter's insurance covers that.

Happy Valley Heretic
Orem, UT

RedShirt said: "To "Victor" go to the Geico web site and read their "Why Buy Renters Insurance?" page. Safco insurance also has a nice page titled "Renters Insurance Features and Coverage Options" where they go over what is covered."

...and what are these sights and article selling???

I was just over at RJ Reynolds Sight and they said Smoking is safe and had an expert quoting this, the expert was Rush, but hey it was in print, right?

Hoopty6
OGDEN, UT

As a landlord/insurance agent myself, RedShirt is correct. If a tenant did that, it MAY be covered by my policy, but I'm not going to file that claim on my policy--I'm going to charge the tenant (they are responsible and need to pay for that). If I file a claim, the tenant only pays my deductible, while my premium increases for at least the next 5 years (while some companies will cancel you for too many claims). It could also affect the value and salability of my property, as the potential buyer may face higher insurance costs as well (and in extreme cases it could be 'uninsurable' with some companies).

This is part of the reason some landlords REQUIRE renters insurance. It also covers you for liability to other people/things--not just the property. For example, say your same child went outside after plugging the sink and lit fireworks and burned down the neighbors house (perhaps killing someone inside that couldn't get out). Who is going to pay for that?

Every renter should have insurance, and a good agent can get you properly covered for less than the $18/month or so mentioned in the article.

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