Reply To: Renter’s Insurance

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My first response got eaten so let me try again…
I had renter’s insurance with State Farm when I was burglarized. My rommate and I didn’t have much worth stealing, so we only got around $800 back, which covered maybe 80% of the cost to replace everything. Four years later when I was applying for homeowners my rates came up significantly higher because of that one incident. So I suggest you think not only about what the insurance would cover, but how a small claim might adversely affect you in the future. Renter’s insurance is cheap enough, but I’m not sure it was worth it for me personally.
By the way, I would strongly advise against using Traveler’s. My girlfriend’s mother had homeowner’s insurance with them for over 30 years, and never filed a claim until her basement flooded last year. After that they dropped her! They are similar to Geico in that regard.