Should I get contents insurance?

meoklmrk91

I am a renter and have recently been considering getting contents insurance in case the house was ever broken into. But I am thinking it may not be worth my while because I don't have that much stuff, a TV, a couple of consoles, a laptop, tablet, none of this stuff is particularly new and I wouldn't even know what kid of valuation to put on them, wouldn't have any receipts either. Does renters insurance have any other benefits? Is it worth my while? Or should I just throw caution to the wind and hope for the best?

Graces7

meoklmrk91 wrote: »

I am a renter and have recently been considering getting contents insurance in case the house was ever broken into. But I am thinking it may not be worth my while because I don't have that much stuff, a TV, a couple of consoles, a laptop, tablet, none of this stuff is particularly new and I wouldn't even know what kid of valuation to put on them, wouldn't have any receipts either. Does renters insurance have any other benefits? Is it worth my while? Or should I just throw caution to the wind and hope for the best?

nothing worth stealing here, far less than you have. my most valuable possession is a room full of knitting wool. and the dogs and cats. never had contents insurance anywhere i have rented

The_Morrigan

meoklmrk91 wrote: »

I am a renter and have recently been considering getting contents insurance in case the house was ever broken into. But I am thinking it may not be worth my while because I don't have that much stuff, a TV, a couple of consoles, a laptop, tablet, none of this stuff is particularly new and I wouldn't even know what kid of valuation to put on them, wouldn't have any receipts either. Does renters insurance have any other benefits? Is it worth my while? Or should I just throw caution to the wind and hope for the best?

If there was a fire in the property, think about everything you have to replace - household items (toiletries, bedding, kitchen items), clothes, dvd's, cd's, books and of course the big ticket items like electronics.

It's not just about insuring stuff that can be stolen, it's insurance against losing everything and having to start from scratch again. If you went into your bedroom and added up the cost to replace everything in there - would you have it in savings? Most people would not and that is why they get insurance.

meoklmrk91

The_Morrigan wrote: »

If there was a fire in the property, think about everything you have to replace - household items (toiletries, bedding, kitchen items), clothes, dvd's, cd's, books and of course the big ticket items like electronics.

It's not just about insuring stuff that can be stolen, it's insurance against losing everything and having to start from scratch again. If you went into your bedroom and added up the cost to replace everything in there - would you have it in savings? Most people would not and that is why they get insurance.

That's a fair enough point, I think I'll go and get a couple of quotes and figure out if its worth it. How do you value stuff for this type of thing? Purchase price? What they are worth now? Do I need receipts?

mari2222

meoklmrk91 wrote: »

That's a fair enough point, I think I'll go and get a couple of quotes and figure out if its worth it. How do you value stuff for this type of thing? Purchase price? What they are worth now? Do I need receipts?

Suggest you reconsider - could you put aside a few quid each week instead of paying down insurance cover - then if there was a fire, and if there was no other way, you could dip into your savings to replace the stuff. It does not sound as if you have a lot to insure, but you can check values on ebay or similar sites.

It sounds like you could accept this risk instead of assigning it to an insurer, but if you put away the cost of the insurance each week, you will have it covered yourself.

Hopefully nothing will happen. Best of luck.

Paulw

mari2222 wrote: »

It sounds like you could accept this risk instead of assigning it to an insurer, but if you put away the cost of the insurance each week, you will have it covered yourself.

All fine and good if something happens in a few years, but what if something happened next month or even next week?

I can never understand not getting insurance. The cost of insurance isn't massive, but yet the cost of replacing all your goods is costly enough.

A TV, laptop, console, tablet ... that would come to about €2,000 or so to replace. Would you have that cash to hand tomorrow? I doubt many of us would. And that doesn't consider everything else you have in the property - clothes, CDs, other electronic devices, etc.

The_Morrigan

meoklmrk91 wrote: »

That's a fair enough point, I think I'll go and get a couple of quotes and figure out if its worth it. How do you value stuff for this type of thing? Purchase price? What they are worth now? Do I need receipts?

I didn't need receipts when I took out my contents insurance, I have a 20K figure to replace all my contents. In fairness though, people wouldn't always have receipts for items, gifts for example, so the insurance companies have some procedures to mitigate false claims.

If there was a fire/leak in my place an assessor would be sent out anyway to see the extent of the damage; they would see damaged items and be able to do a list.
For stolen items, you would be reporting the theft to the Gardai and a crime number would be included in your claim form.

ABajaninCork

Not having insurance is a false economy, IMO.

I was flooded out by a neighbour whilst on holiday in 2003. Wasn't pretty. Cost over £200 alone in extra electric to dry my flat out. Then there was the cost of painting and decorating. Not to mention replacing all the stuff that was ruined by the water. My insurance cost me £15 pm. But it was PRICELESS in saving time, money and hassle.

If you can afford it, get insurance. Better to be safe than sorry!

Mrs OBumble

Paulw wrote: »

All fine and good if something happens in a few years, but what if something happened next month or even next week?

I can never understand not getting insurance. The cost of insurance isn't massive, but yet the cost of replacing all your goods is costly enough.

A TV, laptop, console, tablet ... that would come to about €2,000 or so to replace. Would you have that cash to hand tomorrow? I doubt many of us would. And that doesn't consider everything else you have in the property - clothes, CDs, other electronic devices, etc.

This.


Forget about the laptop / console / tablet. Worst case you could live without all of them.

Instead, look at your clothes, shoes, kitchen stuff (utensils, delph and food stores), and bedding (sheets, duvets, pillows, towels).

At an absolutely minimum, you need contents insurance to cover the lot. If there was a fire, even a small one, it's likely that smoke damage would ruin all of these, and you would be surprised to find out what it would cost to kit yourself out again - especially if you need to be well dressed for work.

Not having contents insurance, and advising other people not to either, is one of the most retarded ideas out.

TheDriver

its not dear. I use nononsense (who seem to be cheapest for contents only) for about 80 quid and its peace of mind. Replacing things would be very costly. Advice from a mate though is to keep all receipts for anything you own into the future, they seem to want them when you claim

Graces7

Mrs OBumble wrote: »

This.


Forget about the laptop / console / tablet. Worst case you could live without all of them.

Instead, look at your clothes, shoes, kitchen stuff (utensils, delph and food stores), and bedding (sheets, duvets, pillows, towels).

At an absolutely minimum, you need contents insurance to cover the lot. If there was a fire, even a small one, it's likely that smoke damage would ruin all of these, and you would be surprised to find out what it would cost to kit yourself out again - especially if you need to be well dressed for work.

Not having contents insurance, and advising other people not to either, is one of the most retarded ideas out.

your language! so narrow and intolerant.

i have almost nothing. was on disability now small pension,,,,one change of clothes, ditto one pair of shoes...all from vincent de paul as is my small bedding, towels etc. stock food as i can.

had a flood once years ago and v de p were kindness itself.

books from the library. no tv or radio and a very old cast off laptop

landlord owns all else

cannot afford any extra bills no matter how small they may seem to you. .cannot even afford to heat bathwater,

so you call me retarded! no just poor. you need to realise that others live very different lives perforce.

so no way for contents insurance here, not in all a long life. prefer to eat.

The_Morrigan

Graces7 wrote: »

your language! so narrow and intolerant.

i have almost nothing. was on disability now small pension,,,,one change of clothes, ditto one pair of shoes...all from vincent de paul as is my small bedding, towels etc. stock food as i can.

had a flood once years ago and v de p were kindness itself.

books from the library. no tv or radio and a very old cast off laptop

landlord owns all else

cannot afford any extra bills no matter how small they may seem to you. .cannot even afford to heat bathwater,

so you call me retarded! no just poor. you need to realise that others live very different lives perforce.

so no way for contents insurance here, not in all a long life. prefer to eat.

Graces7 don't personalise your posts, if you've a problem with a post report it and leave it for the mods to deal with.

NSAman

in a word... ABSOLUTELY

I took out renters insurance on a property that I live in part time. I was away for two weeks (the place was being checked daily) I came home on a Saturday to find the front lock broken and everything stolen.

The small amount of cash they took was not particularly important, the computers etc etc I could replace. What I am very annoyed about is a watch that was given to me as a present from work client that was sentimental.

For the sake of 100euro a year, I have peace of mind.

When you start totting up the amount of goods stolen in one go, the value increases dramatically. In this one night (obviously happened on Friday night as it had been checked on Friday afternoon) they managed to steal around 9,000 in goods, money etc etc.

Since then I have increased the security (as has the building) installing remote viewing cameras and a new alarm system (LL paid for the alarm) and a new security lock has also been fitted (thanks to LL also).

My advice, if you CAN afford it ALWAYS have insurance.

Diane Selwyn

NSAman wrote: »

The small amount of cash they took was not particularly important, the computers etc etc I could replace. What I am very annoyed about is a watch that was given to me as a present from work client that was sentimental.

That would be exactly my argument for not having insurance - it can't cover sentimental stuff. The rest of my stuff could probably be replaced for less e2000 (maybe less than e1000). I am renting after all - I don't actually have a lot of stuff. In fairness though this place is pretty secure so its also a bit of a calculated risk and I did initially investigate getting cover here but didn't find a company that would even provide it for this building (didn't wear myself out trying though its true!).

NSAman

Diane Selwyn wrote: »

That would be exactly my argument for not having insurance - it can't cover sentimental stuff. The rest of my stuff could probably be replaced for less e2000 (maybe less than e1000). I am renting after all - I don't actually have a lot of stuff. In fairness though this place is pretty secure so its also a bit of a calculated risk and I did initially investigate getting cover here but didn't find a company that would even provide it for this building (didn't wear myself out trying though its true!).

I would counter that with the argument that being "fairly" secure I live in a VERY secure building, cameras at all entrances neighbours coming and going, yet I know who it was, just do not have the proof. Yet, I was broken into.

Personally, for peace of mind I think it is invaluable. I would have a large amount of clothing in that space which if you calculate it would cost thousands to replace. Not to mention TV Stereo computers office equipment etc etc.

Each to their own though.:)

hdowney

I think it is invaluable. I need to rejig mine, and the amount insured probably isn't suitable for what I have now, it was a while ago I first got contents ins. I live between a river and the sea and am always terrified we'll be flooded out - spech since very near premises have been a LOT - but thankfully so far we have escaped it all. But the insurance gives you an added piece of mind that I think is invaluable. I agree that it cannot help re sentimental stuff so in terms of that I'd keep it above general flood levels - an upstairs room if you have one or high up if you don't. Obviously that won't help if someone breaks in and steals it but I think you should always do everything you can to protect your property.

zef

After having a serious fire caused by an electrical fault and their being an error in the insurance-luckily the house and alternative accom was covered (in the end) but personal effects were not- I would certainly reccommend it. Back in house since xmas and still replacing things like cat carriers/ laundry racks etc etc weekly.
I lost 95% of my clothes and all electrical goods/ gadgets my son lost everything as the fire started from a dodgy socket.
How much would it cost you to replace everything you own? To the same standard?
In the end, my son cats and I are ok. That's the main thing I know. Typing from a old pc generously lent by a friend. R.I.P. MacBook Pro

lavinia hathaway

HI all, I'm new to boards and just want to add to this thread. I rent a house long term and I own all the contents so for me insurance is vital as the house was unfurnished. Things are expensive first time round much less having to replace them all at once. That said I appreciate it is an extra bill but having good locks and smoke alarms reduces the premium and I personally wouldn't be without it now.

hdowney

Got a quote from Allianz for €104 ish on a €30,000 amount of stuff. Need to read the important deets to see if it suits now