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Renter’s Insurance

January 9, 2008

I’m a little ashamed, as a personal finance blogger, to admit that I have been living in my apartment for 1.5 years without renters insurance. It is so cheap, but I just never got around to buying it.

My new apartment manager has said “you need to have renters insurance”, which I’m not sure if she means it is a requirement or just strongly suggested. I’m going to take it as being required. Geico has given me the lowest quote so far, $163.00/year, primarily because I was able to adjust the deductable to $5000. Yes, this is a lot, but that is what an efund is for. I have to call the manager and find out the answer to a bunch of questions (construction type, distance to fire hydrant…) to get the most accurate quote, but I think I’ll go with it. Other Cali readers, what do you know about earthquake coverage? Do I really need it?

The next step is getting off my dad’s car insurance (yeah, I know…)

Along with a milllion other things I have to do in order to pull off this move! My last day at my current job is next Tuesday!

5 Comments leave one →
  1. yeehaa99 permalink
    January 9, 2008 7:00 am

    Do you actually need a renter insurance especially with $5k deductable? It might be better to do another assessment on what your assets are in the apt….

  2. SJean permalink
    January 9, 2008 1:47 pm

    Renters insurance is a generally a good idea, at minimum to protect yourself. If i somehow caused a fire, I could be sued for damages. I can’t afford that.

    If I lost all my belongings, I might not get much out of the insurance (esp with 5k deductable), but I’m protected against liability.

    Also, I feel that the complex requires it.

  3. sfordinarygirl permalink
    January 15, 2008 12:19 am

    I live in an apartment complex and while my landlord suggested it, I haven’t had renter’s insurance for a year and a half.

    I live in a semi-gated building so it takes several hoops to get through the complex. My landlord lives in teh building along with is family which is another reason, not that I’m depending on that kind of security. I was almost going to get renter’s insurance when my roommate got mugged on his way home, lost his wallet and keys but the landlord was prompt enough to change all the locks including the gated one.

  4. June 16, 2010 7:57 am

    Wow! $169 with a $5,000 deductible? Of course, I’m in the southeast (where everything is cheaper), but ours is $148 for $20,000 in coverage and a $500 deductible.

    • SP permalink*
      June 16, 2010 8:10 am

      Yes – it was really really expensive! I don’t think we have the same policy now — I moved and added some other stuff, and might have changed the deductible. But I could not find it any cheaper!

      My main goal was to protect myself against liability rather than to protect my belongings. Now that I live in a much smaller unit, perhaps I should rethink this!

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