The #1 Mistake a Renter Can Make

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Can confirm, my $15 per month policy just saved me $11, 000 because of a fire I recently had.

bobalino
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I just moved into my apartment over a month ago and I am required to have renter's insurance, which is a good thing.

wturner
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Getting Renters Insurance is easy. Getting money out of claim when you need it is a different story.

angelicacushing
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I love that Dave is always focused on minimizing risk.

ImOldandSoAreMyBooks
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insurance also pays for you to go a motel when your apt burns down.
Apt owner/mgmt doesn't give you another place to live....
Ins also pays if anybody gets hurt/falls while visiting you in your apt.

eileeneclark
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I made that mistake on a rental, once. Didn't have renters insurance. Had a fire. Lost all of my stuff.

Do not cheap out. Get renters insurance.

aatheus
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Bad advice Dave. Why pay a fee to a broker when you can easily get online and compare insurance products yourself free of charge? Before the internet, sure, you needed a broker. These days you don't. A broker is just going to make you broker.

skeptical_sorcerer
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My auto insurance policy was cheaper to bundle auto and renters insurance then not having renters insurance. The bundle discount was greater then the $14 a month renters insurance. I couldn't wrap my head around it but eventually I decided not to question it and kept the renters insurance even when I didn't need it to lower my auto policy. I lived in a furnished basement so hardly anything belonged to me. People just don't know about renters insurance. I never had it for years, my parents didn't even tell me about it when I first moved out. As a landlord I ask tenants if they will get renters insurance to make sure they know about it.

rustyscrapper
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When I get my first apartment I'm not putting anything in it but a mattress. No furniture no problem. I'm there to sleep inbetween making money.

ryantyler
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Our place requires it and I am so glad.

Mellybeans
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State Farm I pay $10 a month, $40, 000 covers my stuff, and $300, 000 apartment

VSMAutoLife
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Renters insurance is worth the little amount charged.

Me and my wife lived in a mobile home. We had a fire that did a lot of damage. The insurance covered all of our stuff and the structure damage. We were able to replace most everything and the landlord was able to repair the place.

We don't rent anymore. But it was only about 15.00 a month and worth it.

Insurance in general is always worth it.

michaelh
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I have no idea who you are or what this show is, but thanks for explaining this in an excellent, short, simple easy to understand way. I really appreciate it

lukecarlson
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As a former insurance agent, I'll say thank you, Dave! Too many people think they don't need to have insurance if they are renting and that is very much not the case!

Frax
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Mistakes you can make: not getting renter's insurance, using too much on your budget on rent.

scoobydoo
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The answer is yes, if anything for the liability insurance. Speaking from experience, this really paid off for me. I had a bogus law suit filed against me and it was so nice just to hand it off to my insurance company and they handled the entire issue. Even if you don't think you have much in the way of physical assets, the lability coverage will give you peace of mind. And its cheap!

oua
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It's a risk calculation everybody should make for themselves. If the stuff in your appartment isn't worth much and you have the means to replace everything easily, having no such insurance may be an option.

From the numbers Dave mentioned, I get the impression that renter's insurance is more expensive in the US than in Germany where the same monthly amount would buy you full coverage for a pretty substantial home - but then, it would be a lot more difficult to sue for damages after tripping over someone's coffee table.

notroll
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My auto insurance was $700 every 6 months after I got a $90 a year renters policy my auto went down to $500 every 6 months. But to get that cheap of renter insurance it has a 10k deductible. Even though I only have 5K of stuff in my apt. I'll never use that insurance but it still is cheaper to have it.

brent
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Must apartments make renter's insurance mandatory.

donperrignon
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Renter's insurance is dirt cheap! You have to be out of your mind to not have it.

jillainenewman