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the winnipeg sandbox » winnipeg sandbox.. » business... » why do people not get renters insurance?

why do people not get renters insurance?

+2
holly golightly
Deank
6 posters

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1why do people not get renters insurance? Empty why do people not get renters insurance? Sun Mar 01, 2009 10:26 pm

Deank

Deank
contributor eminence
contributor eminence

man that is stupid.. especially when this fire may have been caused by smoking.... so her daily habit, could have paid for the insurance in ..what 3 days?
http://www.winnipegsun.com/news/winnipeg/2009/03/01/8577546-sun.html

"
Heather Popiel and her kids -- as well as their cat and several guests visiting at the time -- escaped their second-floor suite in a four-storey Wynford Drive building after two of the children discovered the blaze in the kitchen about 6 a.m. "

6 AM???/ several guests visting at the time?

sure sounds like an all night party to me.. any bets that her neighbours are glad she is gone from the area now?

holly golightly

holly golightly
major-contributor
major-contributor

Most people who are renting from Mb Housing are on a low income (but does not excuse the fact that she chose to smoke as opposed to taking out the insurance). But one of the other reasons renters do not take out renter's insurance is most do not know they need it because they think that if the building is insured, so are they. When you purchase a home part of the mortgage agreement is you must provide the bank/institute with a copy of the house insurance so it should become a law that if you rent you must provide the rental agency with a copy of your insurance policy. It is also the rental agency's moral responsibility, although not legal responsibility, to advise the renter to purchase insurance.

Guest

Anonymous
Guest

Why do people not get it for all they own Have had to replace once and you are really set back . Thank God I did not own much then , now I would be cleaned out if I did not have it .

Deank

Deank
contributor eminence
contributor eminence

When I was renting through manitoba housing they told me I should get it. But it was not a requirement. As soon as I starting renting from anyone else it was a requirement to signing the rental agreement that I show proof of rental insurance. Seems MB housing is a step behind.

Guest

Anonymous
Guest

Thought someone told me most landlords ask for it now .

rosencrentz

rosencrentz
uber-contributor
uber-contributor

All landlords have insurance on which they can claim. The reason the owners want renters to have insurance, is in case the renter is to blame and has insurance , then the owner does not get hit with deductables.
I assume that !

http://www.elansofas.com

Guest

Anonymous
Guest

Yes I think that is part of it yet I remember some agent telling me that it only covered, the renters personel belongings not the building may have changed .

rosencrentz

rosencrentz
uber-contributor
uber-contributor

I would think renters insurance could also cover the liabilty of burning down your landlord's house or apartment.
With commercial property renters are usually required to have that type of insurance, so if they burn down the space, the renters insurance company pays. This might mean that each commercial business has 2 or more company's carrying the same insurance , which is certainly good for insurance company's.
If in a complex there are 10 renters, and each are required to carry liability insurance, then in effect there are 11 policies covering the same thing!
Any insurance people out there?

http://www.elansofas.com

Guest

Anonymous
Guest

You can only insure what you own. Renters can only insure their belongings and furniture, while businesses can protect themselves from loss of income as well. The building would be insured by the owner/landlord.

IG Guy

IG Guy
contributor plus
contributor plus

Alot of people just flat don't know that this insurance exist. I think people should have to be made aware of this. like say when sign the papers for the property, there should be a space where you are given the option for insurance. like accept or refuse option, that way people atleast know that there is such insurance. Like a rental car. lol

Deank

Deank
contributor eminence
contributor eminence

heh... well I dont think renters especially MB housing should start offering rental insurance.....but..... seems like a huge missing step when MB largest rental agent does not make people aware of how cheap it is and does not require people to get it... no insurance.. no rental...

rosencrentz

rosencrentz
uber-contributor
uber-contributor

You would think that manitoba company's that rent out apartments would have the smarts to sell and earn a commission for this type of coverage, or at least refer their renters to an agency and get a finder's fee?
Any insurance agents out there? Perhaps the fees are so small, that it is not worthwhile, but renters become owners and we all need life insurance !

http://www.elansofas.com

grumpy old man

grumpy old man
administrator
administrator

Why is it the owners responsibility?

I'm willing to bet they are not buying insurance because they can't or won't afford it.

In this case I'm willing to bet she chose beer and cigarettes over insurance.

Freeman

Freeman
uber-contributor
uber-contributor

grumpy old man wrote:Why is it the owners responsibility?

I'm willing to bet they are not buying insurance because they can't or won't afford it.

In this case I'm willing to bet she chose beer and cigarettes over insurance.

and popcorn.

Guest

Anonymous
Guest

It is not the owners responsibility

Guest

Anonymous
Guest

Probably because I'm old and very cynical, whenever I read about situations like this, my first though is that it was done to get new stuff.

....especially when the paper gives an address or phone number for "donations".

Guest

Anonymous
Guest

Yes sad to say that is the way I feel too .

rosencrentz

rosencrentz
uber-contributor
uber-contributor

It is probably - no money, and no one making the suggestion or offering them the insurance coverage.
I would think that renters insurance covering only contents isn't worth it for a company to offer. If there was $25,000 of contents at a high rate of 10% when most of those rates would be at 2%, simple doesn't cover the paperwork required.

http://www.elansofas.com

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