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Does anyone have apartment insurance?

We have had apt. insurance for a few years now, and now we have to renew it, and DH and i are wondering is it really worth it? In case of a fire or other damage, how much do they really pay and would they have to have proof of what we had in the apartment?? We have to pay $500 to renew the policy for a whole year.

Does anyone know anything about it. Our policy doesn't say much of what will be covered.

 
WifeyandMom71

Asked by WifeyandMom71 at 10:19 AM on May. 4, 2011 in Just for Fun

Level 12 (749 Credits)
This question is closed.
Answers (11)
  • Do you mean renters insurance? Ours covers $50,000 worth. Our is only about $120 for the whole year. I would look into different companies and see if you can find something that a lower rate. They do not need proof for what was in the home and you should be able to get a print out, declaration page of what exactly it covers. If everything in your home was destroyed what is it worth to you, would you be able to replace everything out of pocket?
    Melbornj

    Answer by Melbornj at 10:22 AM on May. 4, 2011

  • of course its worth it!!! While you may be safe, your neighbors may not be, and could leave a coffee pot on and burn everything you have! And even if you don't have much, its everything you have... imagine not having anything. Take it from me, my sister in law just had a tree fall on their house, without insurance they would be paying so much money! Plus it rained and rained the day after it happened so they had water damage... Please I advise you to keep it
    cailynsmommy626

    Answer by cailynsmommy626 at 10:21 AM on May. 4, 2011

  • renter's insurance, yes, they pay out exactly what your policy is covered for. You need to call and ask how much your coverage is for.
    zoejains_momma

    Answer by zoejains_momma at 10:21 AM on May. 4, 2011

  • That is crazy expensive. I pay less than that for homeowners insurance.
    Normally, it is super cheap to have (I assume you are referring to renters insurance) and very much worth it. I think you need to shop around.
    Candi1024

    Answer by Candi1024 at 10:26 AM on May. 4, 2011

  • It is def worth renewing. You never know what could happen to your property and you do not want to loose things for your family.
    Mommi2four2011

    Answer by Mommi2four2011 at 10:28 AM on May. 4, 2011

  • yes,keep it.
    that IS expensive! We pay $108 a year!
    butterflyblue19

    Answer by butterflyblue19 at 10:30 AM on May. 4, 2011

  • Renters insurance is the cheapest peace of mind you will ever buy. And it is not expensive. Call around to several insurance companies & get quotes & what their coverage is first, before you decide whom to go with. Bear in mind though that if you have very valuable jewelry such as diamond rings etc, you will have to get an certified appraisal from an jeweler, in order for the jewlery to be covered. Here's a good one for you; I had a friend who had purchased a big screen TV. He decided to transport it to his house himself, rather than pay for delivery. He neglected to secure the TV properly in the back of his truck. TV fell out of truck into the road & was irrepairably damaged. He mistakenly thought his vehicle insurance would cover this, but it was not! It would have only been covered under his renters insurance that he did not think he needed. You also want to make sure your policy will be for replacement value of your items.
    RubyinPA

    Answer by RubyinPA at 10:32 AM on May. 4, 2011

  • Thank you ladies, i live in NJ, and we are with Allstate. Who do you all have?
    WifeyandMom71

    Comment by WifeyandMom71 (original poster) at 10:32 AM on May. 4, 2011

  • I just noticed where you said you're paying $500 a year for your current renters insurance. THat is an outrageous amount of money for renters insurance! My homeowner's insurance is only slightly more than that! Do you by any chance have flood insurance included in that? You defintely need to shop around, as that is way too much to pay for renters insurance.
    RubyinPA

    Answer by RubyinPA at 10:35 AM on May. 4, 2011

  • A local company our apartment complex set us up with. We only pay 200 and something a year, and its like $50,000 coverage
    cailynsmommy626

    Answer by cailynsmommy626 at 10:36 AM on May. 4, 2011

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