Sounds like a bad deal to me, actually
From Renter's Insurance: Do I Need It? on collegerentals.com.
Yeah, it's not a bad deal if you use it, but if you don't use it, you've spent $1000 on nothing.
I wish I was in the renter's insurance business. If all our 165 units bought renter's insurance, they would pay $165,000 over the course of five years to me. That's enough money to pay if two buildings of apartments had all their stuff stolen/burnt, but I bet that no one would have that happen and Mike's Lucrative Insurance Company would just keep the $165,000.
"It’s all about perspective. Let’s say you go to college for five years—the new national average—and acquire usual college purchases: a TV, clothes, a computer, an iPod, CDs, DVDs, kitchen appliances, etc., for a total replacement value of $10,000. A policy will cost you about $200 a year; for five years, that’s a total of $1,000. If you lose everything, you’ve essentially spent $1,000 to replace $10,000 worth of stuff. Not a bad deal."
Yeah, it's not a bad deal if you use it, but if you don't use it, you've spent $1000 on nothing.
I wish I was in the renter's insurance business. If all our 165 units bought renter's insurance, they would pay $165,000 over the course of five years to me. That's enough money to pay if two buildings of apartments had all their stuff stolen/burnt, but I bet that no one would have that happen and Mike's Lucrative Insurance Company would just keep the $165,000.
February 25, 2009 at 11:18 AM
insurance is a tricky business. while the odds are you won't need to use the money you paid in, i'm willing to pay for piece of mind.
unfortunately, the piece of mind wasn't worth anything to me until AFTER i could have used renters insurance. irony. top
February 25, 2009 at 9:54 PM
^^^A good point!
Fun fact: Renter's insurance also protects you in the event that you accidentally destroy the apartment building (up to $100,000).
I just said I want to be in the renter's insurance business, not that I want to go without it. It'd suck to lose my cameras. top