This isn’t so much a question posed by one of our insureds as it is a PSA. With increasing frequency, we hear people making statements about their coverage that are patently untrue, and when we probe to determine where they heard such a thing, the answer is almost invariably that their research was on Yahoo Answers renters insurance advice.
Yahoo Answers is good for many things. But bear in mind that the average age on Yahoo Answers is likely to be somewhere between 10 and 14. The linked page mentions that the poster just got an answer from a ten year old. Yahoo Answers renters insurance advice is coming from someone who might not yet have gone into middle school.
There’s a reason that renters insurance is handled by professions, and ideally by experts. Insurance has more moving parts to it than most people realize. “What is renters insurance?” is a softball question. We answered “What is renters insurance?” some time back, at great length and with a video to recap the salient points.
In comparison, let’s look at Yahoo Answers renters insurance advice on the exact same question. We’ll pick one of our favorite answers on that thread, written by someone whose profile seems to indicate that they are an expert in advanced topics such as relationships, South Park, and Rick Astley.
“I don’t know why it would be required…”
Because the landlord wants to be sure you can make good if you accidentally burn the place down? Because your neighbors deserve not to have someone negligently cause a loss to their personal property that they can’t pay for? Because it’s good practice? All of the above, actually. See Can my landlord require renters insurance for a more in depth answer.
“As it covers your possessions, stuff the landlord wouldn’t be respsonsible for anyway…”
True, but only partially so. Yes, the landlord wants to make sure you understand that your property is not his responsibility. But his primary concern is that you be able to take financial responsibility for your actions should they cause property damage or bodily injury to someone. To your landlord, personal property coverage for you is just a nice side bonus that avoids misunderstandings between him and you.
“Mine costs a hundred bucks a year…”
In some places, that’s true. In other places, that may be a bit on the low side. The national average is actually $180, or fifteen dollars a month. See How Much does renters insurance cost? for a rather more accurate answer.
“I was told I had to get it because of my waterbed, but they said if it causes damage that’s not covered.”
Then you were sold the wrong policy, plain and simple. There are exclusions and limitations on any insurance policy, of course, but there’s also a market to cover nearly any risk. If you had a pit bull, you wouldn’t buy a policy that excludes animal liability.
Do you want to take Yahoo Answers renters insurance advice from someone who knowingly purchased a policy that excludes coverage for the one and only risk she’s required to insure against?
Understand that we’re picking apart one answer as an example of reasons not to take insurance advice from Yahoo Answers sites, we’re not picking on one individual. This is actually one of the less dangerous inaccurate answers out there, if you can believe that! Here are a few other selected gems…
The Wise One said, “Over the years I found it far cheaper to do without contents insurance. After all, how often do you get burgled, flooded or have the place catch fire. Even if you, then there is an excess on the payout and claiming might affect future premiums.”
Two problems with that answer. One, fires and thefts happen with alarming frequency, especially in apartments where your neighbor’s loss can quickly become your own. Second, and perhaps even more importantly, the original question asked about renters insurance commercials involving a lizard with an accent. The Wise One outed themselves as likely British by their use of the word “excess” instead of “deductible.” Excess and surplus insurance in the U.S. is an altogether different matter. Do you want to take Yahoo Answers renters insurance advice from someone who doesn’t know how insurance works in your country, much less your state?
There are tons of other examples out there, but our point is made. Yahoo Answers renters insurance advice is not something you should rely on. Ten year olds from foreign countries are not reliable sources on most matters, and certainly not on insurance which varies so much between states. You need to work with renters insurance experts.
Did you know that there’s not additional cost to you to work with renters insurance experts rather than just going online and buying a policy? That’s right, you can get the input of professionals with years of experience in the insurance needs of renters without adding to the cost of the policy! It only takes a few minutes to get solid renters insurance advice and get a policy started that’s right for you. Either call (800)892-4308 or get a quote online.