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thenightispink OP t1_j7qyvbw wrote

Reply to comment by TheMobyDicks in Flooding from -40 temps on Saturday by thenightispink

What sucks is I had renters insurance for 7-8 years from when I moved here b/c I lived in crappy places/sketchy places. But I moved into a nicer place (I think it may be considered a luxury condo) and figured I could do without insurance since it was a new complex. So I didn't pay it when it renewed and now here I am. Go me.

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MusicalMerlin1973 t1_j7sb98b wrote

Yeah always have renters insurance. You never know when your number is up

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Queasy_Turnover t1_j7ugsjd wrote

Yeah, with how inexpensive it is, it really makes no sense not to have it.

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MagicalPeanut t1_j7t7uuj wrote

Insurance companies are in the business of making money—not the business of giving out free money to poorly maintained complexes.

Most people will get less out of the deal than what they paid in. The idea is that you'll play smaller sums over time, but they'll take care of you if the big one hits. For home owners the option is to either pay $1000/yr for every year you own the home, or pay ~$250k to rebuild your home should it burn to the ground. Insurance companies make enough off of the majority to pay for the minority of cases which do happen.

tl;dr: Always have insurance if you can't afford to pay for something out of pocket.

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movdqa t1_j7v8zvq wrote

Something that Warren Buffett said about 15 years ago in his annual report. He described, in detail, why insurance is a great busines to be in.

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Emptyplates t1_j7u94lp wrote

Your complex doesn't require renters insurance? Every complex I've lived in for the past 10 years required it. Weird that they don't.

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thenightispink OP t1_j7v35yt wrote

Nope. Everyone keeps asking me that. I checked my lease yesterday and talked to the property manager and no they do not require it.

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