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Renters Insurance

Old Jan 17th 2016, 6:19 pm
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Default Renters Insurance

Hi,

I've just moved to LA from London on an L1 Visa and am renting an apartment downton.

My Landlord told me that I need to get renter's insurance, but just wondered if I do really need this? Is it a legal requirement or just a nice to have?

Thanks,

K
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Old Jan 17th 2016, 6:19 pm
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Default Re: Renters Insurance

Some leases require it and yes it is nice to have.
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Old Jan 17th 2016, 6:20 pm
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Default Re: Renters Insurance

And cheap.
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Old Jan 17th 2016, 6:24 pm
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Default Re: Renters Insurance

Thanks I'll check my lease, any recommendations of companies?
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Old Jan 17th 2016, 6:55 pm
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Default Re: Renters Insurance

Check your motor insurer.
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Old Jan 17th 2016, 7:55 pm
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Default Re: Renters Insurance

Originally Posted by lakeithy View Post
any recommendations of companies?
I have been with State Farm for a while. Never needed to claim, but they have been cheap and easy to work with on multiple moves within and between states
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Old Jan 17th 2016, 9:47 pm
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Default Re: Renters Insurance

The landlord will have insurance for his building but not for any of your personal items or furniture etc.

Some leases require renters insurance - others don't. If not it's up to you whether you want to insure your personal effects.
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Old Jan 18th 2016, 1:41 am
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Default Re: Renters Insurance

Spoke to my wife, she says its a pretty standard requirement in managed apartment complexes, and you will have to prove you have it once you sign the paperwork

If don't get insurance then it voids your contract, and your out on your ear

Ours had to be at least 30k, and we had to show the letting team the policy

We get ours through our car insurer (State Farm)
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Old Jan 18th 2016, 8:08 am
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Default Re: Renters Insurance

It's not just for your personal effects, but also covers you for liability. Given that US society is in general much more litigious than the UK, you want to be covered in case anyone is injured in your home. You really don't want to be footing anyone's medical bills.
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Old Jan 18th 2016, 8:20 am
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Default Re: Renters Insurance

Originally Posted by yellowroom View Post
It's not just for your personal effects, but also covers you for liability. Given that US society is in general much more litigious than the UK, you want to be covered in case anyone is injured in your home. You really don't want to be footing anyone's medical bills.
This is the real issue. Your furniture and record collection are nothing compared to the cost of liability for other damage that might be caused by an accidental fire or something else from your apartment. Can add up in the hundreds of thousands to millions USD and the renter insurance gives you cover for this.
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Old Jan 18th 2016, 1:49 pm
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Default Re: Renters Insurance

My apartment in Chicago was burglarized the week I moved in. I bought renters insurance the next day. I never claimed - thankfully though!
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Old Jan 18th 2016, 4:44 pm
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Default Re: Renters Insurance

Burglarized?

Is there such a word? If there is should there be?
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