Renters insurance. Anyone have it?

amdhunter

Lifer
May 19, 2003
23,332
249
106
I just realized I have a ton of stuff in my apartment that costs a little bit...and was interested in getting insurance for them.

A couple of questions though...

I dO NOT live in my own house, it is a regular rented apartment.

Does the adjuster need to come verify I have all this crap since I don't have any receipts for anything?

Does it cover accidental damage to items? For example, if I slam my TV with my Wii controller, will they cover it?

My dog is going to raise the insurance, isn't he? My parrot also attacks on command.

Anyone know? I plan to do it through Geico.
 

Beev

Diamond Member
Apr 20, 2006
7,775
0
0
I have $50,000 of coverage through State Farm. They didn't need to verify anything. It's $50 a year and required by my apartment complex.

I'm almost positive that it doesn't cover accidental damage. Also not sure about pets as I have none.
 

BoomerD

No Lifer
Feb 26, 2006
65,267
13,528
146
Nope. We're homeowners, so we have homeowner's insurance...:p



However, before we bought our house we were renters...and had renter's insurance.

We had coverage with Farmer's Insurance.

Our garage got burgled in 98, and while they would have preferred receipts and/or photos, there was really no problem with the claim.

My BEST advice is to take a thorough inventory, take photos of the stuff you don't have receipts for, and be sure to write down all serial numbers.

It'll make any claim much easier.

NO, they generally won't pay for your stupidity, such as throwing your Wii controller through your plasma screen.

Pets may (or may not) affect your premium cost. Depends on the animals. A rottweiler will probably increase the cost, but a chihuahua may not.
 
Sep 7, 2009
12,960
3
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Take pictures of EVERYTHING (preferably with a newspaper or something in a few pics to verify date). Store them OUTSIDE of your apartment (i.e. not on the laptop that they're gonna steal/get burned down)
 

Riverhound777

Diamond Member
Aug 13, 2003
3,360
61
91
I get my renters through the same company as my auto and it ends up costing about $15 per year after the dual policy discount. I have $20k coverage. Not sure on the accidental damage, but even if it did cover that you have to pay the deductible, so there isn't a point unless something serious happens (Fire, theft, flooding).
 

amdhunter

Lifer
May 19, 2003
23,332
249
106
I'll be sure to take pictures and write down serial numbers. The newspaper thing seems like a good idea also.

Question, if the apartment is in my brother's name, would he have to be the one to insure the items? (I don't like this idea.) I am going to call Geico later today and ask, but if anyone knows...
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Never had it never needed it. But I also did not live in the ghetto.

So if you live in a bad place then maybe worth it. Or take the money you spend on insurance and move to a better place.
 
Dec 26, 2007
11,782
2
76
I just realized I have a ton of stuff in my apartment that costs a little bit...and was interested in getting insurance for them.

A couple of questions though...

I dO NOT live in my own house, it is a regular rented apartment.

Does the adjuster need to come verify I have all this crap since I don't have any receipts for anything?

Does it cover accidental damage to items? For example, if I slam my TV with my Wii controller, will they cover it?

My dog is going to raise the insurance, isn't he? My parrot also attacks on command.

Anyone know? I plan to do it through Geico.

I'm an insurance writer for home/renters and auto, and have renters as well.

Does the adjuster need to come verify I have all this crap since I don't have any receipts for anything?

No, with some exceptions to that. For 99% of that stuff is not going to need anybody to inspect it or anything. Now there are some things that will need appraised to verify it for the insured amount. These are going to be special property protection (SPP) items that have a rider that explicitly insures that for x amount and is not factored into the total (an earlier poster said he had $50k insurance, which means that it's $50k+riders). You will pay more for this, and it's generally only done for things like wedding rings and things like that.

Does it cover accidental damage to items? For example, if I slam my TV with my Wii controller, will they cover it?

Depends on the company, how the policy is written, and if you really want to file a claim for it. For example, if a guest accidently throws the remote into the TV then it will usually be covered. You will have to pay your deductible though which is generally $500 (but varies for every policy, lower deductibles mean higher monthly payments), and it could raise your rates. So, is it worth it to file a claim for a $1000 tv when you have to pay $500 and it could affect your future premiums? That's your decision.

FYI renters policies generally cover any personal property that is inside or outside the home. For example, your car gets stolen and you have a laptop and other property in the vehicle. This will require 2 claims be filed, one under auto insurance for your car, and the second under renters for the laptop and other property.

My dog is going to raise the insurance, isn't he? My parrot also attacks on command.

It will depend on the breed of dog for the most part. Generally "more aggressive" breeds (i.e. dogs that are bred to fight traditionally) are going to increase your rates. My dogs didn't increase my rates (an auss shep and white lab), but it depends on your state, the company it's with, and what breeds you have. I doubt the parrot will have any relevance to the policy. When signing up for it, just answer the questions and unless they ask "do you have a parrot that attacks on command?" or something like that then no need to bring it up.

Anyone know? I plan to do it through Geico.

Geico will work. If you have any questions feel free to ask.

What you should do, is take a pen and paper then go room to room writing down any of your expensive items that you would want replaced. Computers, clothes (most people forget to add this in, but most people have at minimum $500 worth of clothes and it's not uncommon for a few grand worth), electronics, kitchen stuff (dishes, pots/pans/etc), furniture (couches, beds, tables, dressers, etc), etc.

Also, ensure you have Replacement cost, not Acutal Cash Value. Replacement cost means they will give you the $ that it cost when you bought it, while ACV means they take the depriciated value of an item. ACV policies will take a $2,000 HDTV you bought 2 years ago and find the current market price for that item and give you that much (maybe $700?). Replacement cost will give you $2,000 for that HDTV.

None of this is meant as legal advice, nor offered as such. This is posted to help understand the way renters insurance works in general. I do not know your specifics, and this isn't any kind of consult or recommendation. Talk to a licensed agent in your city who can help you with specifics in your situation.
 

Uppsala9496

Diamond Member
Nov 2, 2001
5,272
19
81
Never had it never needed it. But I also did not live in the ghetto.

So if you live in a bad place then maybe worth it. Or take the money you spend on insurance and move to a better place.
What happens if there is a fire and all of your stuff is destroyed? Fires happen in nice areas too.
 

Riverhound777

Diamond Member
Aug 13, 2003
3,360
61
91
Never had it never needed it. But I also did not live in the ghetto.

So if you live in a bad place then maybe worth it. Or take the money you spend on insurance and move to a better place.

Dumb thinking there... I would agree with you on most insurance, hell I hate paying for car insurance. But $15 a year isn't going to get me a better place. And a fire, flood, other crazy disaster has nothing to do with living in the ghetto. I gladly pay $15 a year to not have to worry about paying to replace all my stuff.
 
Dec 26, 2007
11,782
2
76
Nope. We're homeowners, so we have homeowner's insurance...:p



However, before we bought our house we were renters...and had renter's insurance.

We had coverage with Farmer's Insurance.

Our garage got burgled in 98, and while they would have preferred receipts and/or photos, there was really no problem with the claim.

My BEST advice is to take a thorough inventory, take photos of the stuff you don't have receipts for, and be sure to write down all serial numbers.

It'll make any claim much easier.

NO, they generally won't pay for your stupidity, such as throwing your Wii controller through your plasma screen.

Pets may (or may not) affect your premium cost. Depends on the animals. A rottweiler will probably increase the cost, but a chihuahua may not.

This is also a good idea. Keep an itemized list (with make/model, how much you paid, pictures of said item, and serial #'s) and keep it in two places. One at your home, and a second at another home or safe deposit box (i.e. off site).

As for paying for the insureds stupidity (i.e. the insured throws a remote through their own TV), it's going to depend. Some companies may cover that, some won't. They will cover if a guest does it though for the most part.
 

CptCrunch

Golden Member
Jan 31, 2005
1,877
1
0
It was required when I lived in my previous apartment. Went with Motorist Mutal Insurance and it was $15/month for the first year. Then they jacked up my rates to $22/month (for no reason, I had no claims) and I just didn't have insurance for the 2nd year.
 
Dec 26, 2007
11,782
2
76
I'll be sure to take pictures and write down serial numbers. The newspaper thing seems like a good idea also.

Question, if the apartment is in my brother's name, would he have to be the one to insure the items? (I don't like this idea.) I am going to call Geico later today and ask, but if anyone knows...

Renters insurance can insure any of your items regardless of the place, because renters insurance does NOT cover the home/apartment. It will only cover items you own inside the residence.
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
What happens if there is a fire and all of your stuff is destroyed? Fires happen in nice areas too.


Only fires in apartments i saw were in the ghetto and one in decent place were drugies where the neighbors said afterwards they knew what was going on but did not tell anybody.
When I had bad neighbors I complained.

That and a fire would be a cause by someone and I would either go after them and/or the complex as not being fully secure.

Let alone most renters insurance has so many outs that it rarley pays.
 

TechBoyJK

Lifer
Oct 17, 2002
16,699
60
91
What happens if there is a fire and all of your stuff is destroyed? Fires happen in nice areas too.

I agree. His assumption is foolish. A bad neighborhood is only one of many reasons to have renter's insurance. I live in a nice neighborhood. I still have renter's insurance in case the place burns down, gets robbed, etc. It's all of $8 per month for me.
 
Dec 26, 2007
11,782
2
76
Only fires in apartments i saw were in the ghetto and one in decent place were drugies where the neighbors said afterwards they knew what was going on but did not tell anybody.
When I had bad neighbors I complained.

That and a fire would be a cause by someone and I would either go after them and/or the complex as not being fully secure.

Let alone most renters insurance has so many outs that it rarley pays.

You are very uneducated about this stuff.

Do you know how many fires get started due to Christmas lights? How about electrical shorts? What about you accidently leaving the stove/oven on? How about a grease fire? I could keep going anytime.

You can cause a fire, so going to sue yourself then? The complex would *only* be at fault for something like improper wiring, but would NOT be at fault for "acts of god", weather, or something you accidently do.

Renters insurance is cheap (~$100 year). Renters insurance pays, especially when you have itemized lists with pictures/serials of the items. Renters insurance is stupid to not have.
 

TechBoyJK

Lifer
Oct 17, 2002
16,699
60
91
Only fires in apartments i saw were in the ghetto and one in decent place were drugies where the neighbors said afterwards they knew what was going on but did not tell anybody.
When I had bad neighbors I complained.

That and a fire would be a cause by someone and I would either go after them and/or the complex as not being fully secure.

Let alone most renters insurance has so many outs that it rarley pays.

How old are you and how long have you been on your own? You obviously don't have much real world experience about how things happen.

Not meaning to be a personal attack, just being honest in saying I think your perspective is foolish. Shit happens, whether a place is nice or not, whether the people are good or not. My insurance company has paid, with no fight whatsoever, on every claim I have ever made. So many outs? W/e. What do you mean? You think if you sign up with a legit, respectable insurance company and you get robbed they won't pay?
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
You are very uneducated about this stuff.

Do you know how many fires get started due to Christmas lights? How about electrical shorts? What about you accidently leaving the stove/oven on? How about a grease fire? I could keep going anytime.

You can cause a fire, so going to sue yourself then? The complex would *only* be at fault for something like improper wiring, but would NOT be at fault for "acts of god", weather, or something you accidently do.

Renters insurance is cheap (~$100 year). Renters insurance pays, especially when you have itemized lists with pictures/serials of the items. Renters insurance is stupid to not have.


Oh so you should get RI if you live in a place with bad wiring and/or are a idiot and leave the stove on. Got it. :rolleyes:
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
How old are you and how long have you been on your own? You obviously don't have much real world experience about how things happen.

Not meaning to be a personal attack, just being honest in saying I think your perspective is foolish. Shit happens, whether a place is nice or not, whether the people are good or not. My insurance company has paid, with no fight whatsoever, on every claim I have ever made. So many outs? W/e. What do you mean? You think if you sign up with a legit, respectable insurance company and you get robbed they won't pay?

I am in my mid 30's and I have had a couple homes and many apartments. Never had/used renters insurance and i am doing the electrical work in my new place and even some in my old place.
Let alone i take care of my place and am not a idiot like you and others seem to be that can;t be bothered to turn the stove off or some other idiot move.
 

JDub02

Diamond Member
Sep 27, 2002
6,209
1
0
I have $40k renter's insurance. It's ~$100/year. Can't really kick about that. I've never had to use it.

FYI to the OP, I have my auto insurance through GEICO but they were still the most expensive for renter's insurance (over $300/year). Maybe it's just my area. I purchased my policy through Allstate. Much cheaper for the same coverage. Shop around.
 

Riverhound777

Diamond Member
Aug 13, 2003
3,360
61
91
I am in my mid 30's and I have had a couple homes and many apartments. Never had/used renters insurance and i am doing the electrical work in my new place and even some in my old place.
Let alone i take care of my place and am not a idiot like you and others seem to be that can;t be bothered to turn the stove off or some other idiot move.

Your house is so going to get hit by a meteorite after making that statement, haha.
 
Dec 26, 2007
11,782
2
76
Oh so you should get RI if you live in a place with bad wiring and/or are a idiot and leave the stove on. Got it. :rolleyes:

Or, if you live in reality.

http://www.usfa.dhs.gov/statistics/national/residential.shtm

In 2008, there were 403,000 residential fires. There were 2,780 deaths, and 13,560 injuries (FYI renters insurance would cover injuries sustained from fires up to your limits). These caused $8,550 MILLION in damages. You think that all 403,000 fires were in poor areas and/or druggies?

Once again, get educated on the subject.
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Or, if you live in reality.

http://www.usfa.dhs.gov/statistics/national/residential.shtm

In 2008, there were 403,000 residential fires. There were 2,780 deaths, and 13,560 injuries (FYI renters insurance would cover injuries sustained from fires up to your limits). These caused $8,550 MILLION in damages. You think that all 403,000 fires were in poor areas and/or druggies?

Once again, get educated on the subject.

So in real world terms there is less then 1% chance of fire and i am betting even more less chance when you take into account my wiring is above what the NEC calls for and I am not a idiot that leaves my stove on etc... Probable a better chance of a meteorite hitting my house. ;)

There were 128,203,000 housing units in the United States in 2007
http://www.census.gov/hhes/www/housing/ahs/ahsfaq.html


So maybe you need to get educated first.
There is a reason insruance compnaies love pushing this stuff. It rarly has claims and then they just fight you on it if more then a couple trickle in that period.