Is renter's insurance worth the money??

Question

I was just robbed for the third time this year, even though I live in one of the safest neighborhoods in my city. I have lost a total of about $5000 in peronal property and property damage as a result this year.

I'm thinking about getting renter's insurance that costs about $250/year, even though I really don't have *that* much valuable stuff left to steal.

Are insurance companys usually good about paying for stolen property if you don't have receipts for everything?

$250/year is a lot of money for me, as I'm barely scraping by as it is.

So is it a good idea or just a waste of money? Would I be better off spending the money on beefing up the security of my house instead??

Answer 1

It is an absolute must,especially for $250 per year.  

Answer 2

It is worth it.   Get your renters insurance where your car insurance is and you may get it for free because of the discount you get on the car insurance.   Other poster here is right.

Answer 3

A) Start keeping your receipts.  Not only do they prove you had the item, they can also be used to take the sales tax deduction on your income tax.

B) Is ~$20/mo worth it to you to get reimbursed over $5k?  Only you can answer that.  If spending that much to cover the loss of $5k or more is a waste of money, what about the $5k you already lost?  Using this year as an example, you would have spent $250 for 12 months of coverage and probably would have been reimbursed the full $5k.  So spending $250 to get $5k.  I think that is a decent deal.

C) Renter's also covers if someone gets hurt in the apartment or from something falling from your apartment.

Answer 4

Well worth it!

Here's something you can do--- if money is really tight -- see if you can get the cheapest amount of coverage they will allow. (usually 10,000- 15,000). Now -- if your rental property burned to the ground - you are way under-insured. But -- you'd have a little seed money to restart with.  And something is better than nothing.  Then as your income increases - raise your limits.

Now.....you are deliberately under insuring yourself....so when a claim happens and the loss is more than your limits--- you can't cuss the adjuster out and get mad at them or your agent.  If you are going to do it this way.....understand that you may not have enough insurance in event of a big loss.

Also - you can usually save money if you get a renters policy from the same company that has your auto policy. (multi-line discount)

As far as security goes -- there are cheap thing you can do - put a stick in the track of your sliding door. Dead bolt locks on the doors. You can even buy the bars that they have on hotel doors that keep people from getting in when you are in the room.  If its a house -- install motion lights all around the home.  Cut hedges back so they don't provide a hiding place for bad guys.

Also-- call your local police department. Many departments have an officer that will walk around your home and make suggestions on how to better improve security. Given that you have been broken into 3 times - you certainly have a reason to call.  

Answer 5

Um, who the HECK is quoting you $250 a year?  That's about DOUBLE what it should be.

Also, if you get it with the same company that does your car insurance, you could save up to 25% on the car insurance, also - making the renters policy FREE, and then some.

You need to videotape all your stuff.  But since you've been robbed three times, likely, you're going to have a hard time finding someone to give you theft coverage.   You'd have to lie on the application, which, of course, then voids the coverage.  

Get a barky dog, and beef up the security on your house.