What are different types of renters insurance?

It totally depends on the company you are asking. A qualified agent can help you.

@YARNLADY I am thinking Intact insurance.

I agree with @YARNLADY contact your agent ! !

I have renters insurance, but I didn’t really shop around. The last place before the one I rent now, they didn’t give you a choice but you had to use the company they designated, which I didn’t think was right. Now I have renters insurance through State Farm, where I also have my car insurance. Since that means I have two policies, I get a pretty nice discount so that I’m really not even paying anything more than I was when I just had the car insurance. But it just covers you up to a certain amount and you don’t have to do a real complicated thing where you list all your items or anything. And then of course it lists things that are not covered, such as if a volcano erupts right outside your house, or if there’s a flood. I’m on the second floor so I’ll take my chances.

Since I own my own home, it’s been a really long time since I’ve had renter’s insurance. As well as I can remember, the agent will tell you what is NOT covered. I was blessed to never had have to use it, so I don’t know after that!!!

I wouldn’t trust that they would volunteer what wasn’t covered – always ask.

I had never heard of renters needing their own insurance until about ten years ago, when a friend was renting an apartment nearby and it was specified in the lease.

30 years ago, I lived in a building that burned in a fire. The top floor of the entire building burned, and the lower floors received excessive water damage and we couldn’t return home for about a year, at which point many had moved to new places but some did go back. I remember having no renter’s insurance, but my neighbor did. She and her husband lived in a studio (I had a 1 bedroom) and they had a 30k policy, and she got handed a check for 30k, no questions asked by her broker. I remember being very envious and also sorry that I didn’t have renter’s insurance at the time, after her 30k check became a down payment on a house. I did ok after receiving help from the Red Cross, living with my parents for three months and saving up, and then getting a new, cheaper apartment, but still, it taught me a lesson.

When I got my next apartment, I contact my insurance broker about a renter’s policy. He offered me a policy for 10k. I said “no, I want 30k.” lol. It was not a whole lot more to get a 30k policy, and bundled with my auto insurance from the same company it was worth it – maybe 10 dollars a month total or something like that.

For you, with the landlord requiring you to have insurance under his or hers company, I am curious about two things. One is if you receive damage due to something that is the landlord’s fault, let’s say they have leaky pipes and it also ruins the stove or shorts out the refrigerator or something that is owned by the landlord, is your policy going to be expected to pay for his items (stove, refrigerator)? So if you have a 10k policy and get a check for 10k from the damages, is the landlord going to want those things paid for off of your money? If so, that doesn’t seem right. He or she should have their own policy to cover items that are owned by them. If there’s a fire and the insurance company is giving you a check, is the landlord going to want his items replaced by your policy? If so, that doesn’t seem right. Of course, if your negligence ruins the items owned by him, for example, you leave the tub running and it overflows and ruins the wood floor, or you leave the stove on and cause a fire, then it’s logical that your insurance pays for the damages to things he owns (floor, etc.), but if the damages are due to his negligence (leaky windows, old wiring), then it makes no sense that your policy pays for it and it comes out of what is due to you.

I also don’t understand why your landlord wants the policy to be from his company that he specifies. I wonder if he gets a kickback. Why can’t you have it with a company of your choosing, maybe one that does your auto insurance so it will be cheaper, or one you get on your own that is a low price?

^^ Did I miss something? I don’t see where the landlord is requiring anything. ohh…never mind. You were responding to @LifeQuestioner.

@jca2 I never understood that while I lived there. They may have gotten some kind of deal from the company, I don’t know. But I’m pretty sure that if something happens that is not your fault the damages the apartment’s appliances or whatever, that will come out of whatever insurance they have. After all, you don’t own those things so why would you be paying for them out of your policy? And if you’re renting there, they’re responsible for repairs.

@LifeQuestioner Things that are logical are not always the way it is. I would double check with the policy before committing to anything, if I were you. There’s a reason why they want you to have your own policy. After all. why should the landlord care if your stuff is ruined? It wouldn’t be their problem. However, if they can get something out of it, they would care.

During the recent storm here, a number of apartments were flooded. You have to have your own insurance or you can go through the company they use. I recently spoke to a guy whose apat was one that flooded and he said their insurance didn’t cover his stuff. Apparently they never thought there would be 5 feet of water in an apt. He lost everything, as did quite a number of people. I can’t even imagine having to start over completely. : (

I have insurance my own renters insurance

@all Thanks for helping. I thought that getting renters insurance was less complicated than I thought.

@RedDeerGuy1 For me, it was asking my insurance agent how much a 30k policy would cost, and they told me the monthly amount, and I added it on to my policy (car insurance policy). It was really easy.

I’d say for the person who is renting and their LL requires them to have renters’ insurance through his or her (the LL’s) company of his choice, that would make me a bit nervous as I don’t see why the LL should care what company you use, as long as you can prove that you have a certain level of coverage.

For me, the main consideration was an estimation of what it would take to replace everything I’d wish to. Then I decided how much to get and what it covered. Always ask what they don’t cover, also.