I’m renting for the first time and it’s shared accommodation, should I get renter’s insurance?

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Renter’s insurance is very affordable, and I’m surprised they’re only recommending it and not requiring it. If you own a vehicle, I would suggest calling your insurance provider, and see if they can bundle the two.


I would definitely get renter’s insurance. For me it was like $100 for the year. It potentially saves you from a loss of tens of thousands.


Renters insurance is dirt cheap (at least here in the US). It’s worth it.


GET RENTERS INSURANCE! Always get renters insurance! My two daughters and a friend all lived together in an apartment. The one daughter just got married and her and her new husband were spending the night at the apartment before they left on their honeymoon. Her wedding dress and all their gifts were left at the apartment. The following night I get a telephone call at 3 in the morning from a sobbing daughter saying water was everywhere and no one was answering their apartment emergency number. I’m 1-1/2 hours away but get up and drive to them. It’s just daughter and roommate as the other two had left on their honeymoon. Their apartment was two floors. Two bedrooms and laundry downstairs. The hot water tank was upstairs with kitchen, living room and one bedroom. When I got there, the entire apartment was flooded. Water was still cascading down the stairs. Water pouring through the ceiling, coming out of switch fixtures. It was crazy. The pipe that goes into the top of the hot water tank had rusted, broke off. Water was just pouring through the pipe. The kids didn’t know to shut off the water value. The emergency apartment number wasn’t answered until after I had gotten there, so basically 4 hours of running water. Renters insurance paid for dry cleaning, furniture, food in refrigerator (electricity had to be shut off), school books, ikea furniture that soaked up water like a sponge, a laptop that had been left on the floor, a printer and another laptop that was stored under the bed, most of the wedding gifts, her wedding dress which was hanging in a closet that water was running through the ceiling, between them all they must of had a 100 pairs of shoes, replacement of anything that needed to be. Because it was summer, within days most things had molded. Total cost $32,000. Their policy was for $35,000. I documented the damage, pictures of water running through the ceiling and cascading down the stairwell. Took inventory of everything with pictures, sent an excel spreadsheet with comparable purchase prices and a check was cut for full amount. I will repeat myself….BUY RENTERS INSURANCE.


Definitely get it. As others have mentioned it’s super cheap, and it will absolutely be worth while in case of incident. One suggestion, find out how the policy pays out claims, Actual Cash Value, or Replacement Cost. (Actual Cash Value is not what you want)