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Lucy, Mensa Member
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I am renting a 3 bdr house in a safe neighborhood. We have

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I am renting a 3 bdr house in a safe neighborhood. We have approximately $15,000 of personal belongings (replacement value). We currently have "Renter's Insurance" that costs us $25/month. Someone told me that it is a good idea to have it, not only to replace out possessions should something bad happen (theft, fire, etc.).
Yet someone else said that we also should keep it in case one of us "accidentally" causes a fire or some other calamity---the Landlord will sue us to recover the damages.
What do you think about keeping it?
Does the Landlord's homeowner's insurance cover damages such as an accident if the house catches fire, or robbery, or a broken water pipe?
I know $25 isn't much, but it all adds up.
Thanks very much!
Submitted: 5 years ago.
Category: General
Expert:  Lucy replied 5 years ago.

My name is XXXXX XXXXX I'd be happy to Answer your questions today.

If the property catches fire, your renter's insurance will cover it. The landlord's homeowner's insurance will not cover your personal belongings if something happens to your personal items. That's also true, for example, if the pipes burst, or if anything else happens. You're not covered by the landlord's policy, so it's always a good idea to have your own. Depending on where you live, you may also want to add earthquake or flood insurance to your policy.

As far as the guns go, call the insurance company and ask. They may not be covered by the general policy, but you can probably add them. Also, check to see if you have replacement value (what it costs to get new stuff) or actual value (what all of your used belongings are worth - which is significantly less).

If you're concerned about the cost, you may want to call around for some quotes, or see if you can increase your deductible for a lower monthly payment. But renter's insurance is a good idea in most cases.
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