August 2008

Renter's insurance: are you covered

Is there anything in this modern day life that doesn't require an insurance policy anymore? Now the insurance companies are peddling renter's insurance as another must-have of civilized living. At first, I was skeptical about the whole thing, but then I remembered reading about an apartment building fire where many people lost their belongings and it got me thinking: what if that had been me? I looked into it and it turns out renter's insurance isn't nearly as expensive as I thought it would be. It's approximately $120 a year, depending on your city, value of belongings, etc. You can shop around for the best quote, most of the big insurance companies have renter's insurance plans that cover all sorts of incidents and accidents associated with renting. This sounds great doesn't it? So why doesn't everyone renting have insurance? It makes sense that this is something landlords should make a requirement of all their tenants. This way everyone is protected. What do you think, should renter's insurance be mandatory? Or is this just another scam from the big corporations?