Question

What do you all think of renters insurance? Worth it or not? I live in CA and I have been evacuated twice in the past two years due to fires  

Answer 1

Do it is my quick response @ @phreno305. It can be cheap and provide peace of mind. But find an insurance agent you trust and UNDERSTAND YOUR POLICY and what you're covered for. If you have jewelry or other valuables that are high dollar, they're likely not covered if you're robbed - you'll need a rider policy. Wildfire is a whole different ballgame, so ASK the agent (and laws are changing on the fly in CA related to this topic, so ask TWICE and get it in writing). If you don't have valuables or you're ok taking a loss on the items in your place should something go down (and you're a long term renter, DO THE MATH). If you have lots of parties/people/kids over or lots of higher value things your're NOT ok/can't reimburse, make sure the policy you pay for covers it and then buy it.  

Comments

@seagoing5 lots of valuable info, thank u!  

Answer 2

Totally worth it. I’ve never had to use it thankfully but for less $20/mo peace of mind is totally worth it.  

Answer 3

ALWAYS worth it. It’s $100-200 that could save you thousands.  

Answer 4

Wouldn’t rent without it. It protects everything you own in the home.  

Answer 5

Absolutely! Too cheap not to do it. Imagine how expensive it would be to replace all your belongings versus the maybe $15/ month the insurance costs.  

Answer 6

I've always gotten it because it was mandatory. It's very reasonably priced. I've never had to do it, but it apparently protects your stuff against theft or damage anywhere in the world, not just inside the 4 walls of your home.  

Answer 7

So worth it! Lemonade is dollars a month.  

Comments

@azarcon49807 I’ve heard lemonade is a good deal, thanks!  

Answer 8

Lemonade was great back when I rented.  

Comments

@carbamidine thanks for the suggestion! I’ve heard good things about lemonade

Answer 9

Agreed, a small price for piece of mind. I think some rental agreements may require it too.  

Answer 10

I assume you're talking about for yourself, not necessarily for tenants that are renting from you? Definitely worth it. Anecdotally, my tenants caused a fire at our rental property and though it was an accident, they had to leave the house for a while for it to get fixed up. Their renters insurance covered all their belongings, their hotel stay, and the rent that they were required to pay even while they weren't living there. You may never need it, but if you do you'll be glad you have it.  

Answer 11

It’s been required everywhere I’ve ever rented.  

Answer 12

My apartment complex requires it. They set up the policy though they said I can choose one of my own and show proof instead. I think theirs only covers them really. I have my own policy but never got around to canceling theirs.  

Answer 13

I have one and thankfully never used it. One of the guys i worked with though was able to file a claim when the power when out and food spoiled as a result. Its worth it imo.  

Comments

@heelpost haha wow, that could be very useful!  

Answer 14

Yeah. It's super cheap and totally worth it.  

Answer 15

100% worth it but read your policy-renters covers your stuff but it only covers specific perils so make sure you know what they are and their applicable limits.