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> This is the same exact argument against buying renter's insurance... Eh? I don't buy RI because * I can cover the replacement cost of everything covered by

> This is the same exact argument against buying renter's insurance... Eh? I don't buy RI because * I can cover the replacement cost of everything covered by pretty much every RI policy I've ever seen * Over the decades I've been living on my own, I've never had a situation where any RI policy would kick in Therefore, RI policies are nothing but money set ablaze for me. I'd rather make use of that money.

jon-wood 11y ago
Can you cover the cost of everything at once? If that's the case, good for you, but I pay for insurance to cover those one in a million chances like the house burning down with everything in it. It's entirely possible I'll never claim, but if my house just burnt down I don't want to be worrying about where I'm going to find money for a hotel tonight, and replacing everything I own tomorrow.
- papercrane 11y ago
  Renters insurance isn't just about replacing your belongs, it also is about liability coverage (e.g. someone is injured in your apartment.)
  - VLM 11y ago
    Insurance is state by state. And the $10K I had on my apartment before I dropped it wouldn't pay for a paper cut in the ER anyway. At least it was extremely cheap like $10/yr as some kind of package deal with my car insurance. That was for a masonry and steel and tile apartment building, likely a wood house would be much more expensive.
- simoncion 11y ago
  > Can you cover the cost of everything at once? Yes. That's why I said that I could cover the replacement cost of everything. :) My real loss would be the data that doesn't have offsite backups. I'm unaware of any RI policy that will cover highly-competent data recovery services. (And if one exists, I expect that it will be outrageously expensive.)
- Joof 11y ago
  A good test may be how long you have to be saving the insurance payments to cover everything.
thedufer 11y ago
> Over the decades I've been living on my own, I've never had a situation where any RI policy would kick in That's fairly expected. Given my current RI cost and how much it covers, they're losing money if I make a significant claim more than every 200 years or so.
Retric 11y ago
An overflow from a bathtub on the 9th floor can cause ~40k of damages in under an hour. Renters caps at 300k and they added that cap becuase you can easily reach that level of damage. Still it's 10$ a month so the odds of that happening are rather low.
cableshaft 11y ago
My apartment complex requires proof of renter's insurance above 300k for me to even live here. I've nearly gotten in trouble a couple of times when the old proof reached its expiration and I neglected to show them the updated documents.

jon-wood 11y ago

Can you cover the cost of everything at once? If that's the case, good for you, but I pay for insurance to cover those one in a million chances like the house burning down with everything in it. It's entirely possible I'll never claim, but if my house just burnt down I don't want to be worrying about where I'm going to find money for a hotel tonight, and replacing everything I own tomorrow.

papercrane 11y ago
Renters insurance isn't just about replacing your belongs, it also is about liability coverage (e.g. someone is injured in your apartment.)
- VLM 11y ago
  Insurance is state by state. And the $10K I had on my apartment before I dropped it wouldn't pay for a paper cut in the ER anyway. At least it was extremely cheap like $10/yr as some kind of package deal with my car insurance. That was for a masonry and steel and tile apartment building, likely a wood house would be much more expensive.
simoncion 11y ago
> Can you cover the cost of everything at once? Yes. That's why I said that I could cover the replacement cost of everything. :) My real loss would be the data that doesn't have offsite backups. I'm unaware of any RI policy that will cover highly-competent data recovery services. (And if one exists, I expect that it will be outrageously expensive.)
Joof 11y ago
A good test may be how long you have to be saving the insurance payments to cover everything.

thedufer 11y ago

> Over the decades I've been living on my own, I've never had a situation where any RI policy would kick in That's fairly expected. Given my current RI cost and how much it covers, they're losing money if I make a significant claim more than every 200 years or so.

Retric 11y ago

An overflow from a bathtub on the 9th floor can cause ~40k of damages in under an hour. Renters caps at 300k and they added that cap becuase you can easily reach that level of damage. Still it's 10$ a month so the odds of that happening are rather low.

cableshaft 11y ago

My apartment complex requires proof of renter's insurance above 300k for me to even live here. I've nearly gotten in trouble a couple of times when the old proof reached its expiration and I neglected to show them the updated documents.