Jul 21, 2009
Renter Insurance - How Much Will You Pay?
Renter insurance is something many major cities are now mandating at apartment complexes. If you were alarmed when you heard this and considered moving to save some money, that may not be necessary. If you have vehicle insurance of any type, you are likely to be able to get renters insurance for under $15 a month. While this can add up over the course of a year, it is not likely that it will be enough to force you to move all your belongings especially if you are not ready to look for low mortgage rates.
It is very likely that if your apartment is mandating renters insurance that most other apartments in that county are too. Before you decide that it is time to move into a different apartment, you might want to call around to a few other places and see if it is a countywide or citywide ordinance that has been passed. If it is, you are likely to get a very similar insurance policy if you move somewhere closeby.
It seems like the recession has caused many thieves to come out of the woodworks which is one of the major reasons that apartment complexes are forcing tenants to have renters insurance. It will be interesting to see if these ordinances will continue if and when the economy gets better.