Renters insurance. Anyone have it?

[PhaZe]

Wow..some of you guys pay cheap renter's insurance. In TX, Geico (just did a quick quote for comparison) want's 263$ a year for 20k of personal property coverage..

 

[Vette73]

Wow..some of you guys pay cheap renter's insurance. In TX, Geico (just did a quick quote for comparison) want's 263$ a year for 20k of personal property coverage..

Did you ask why?
Maybe its that high as there are a lot of crime, fire, etc... in that area. But if you feel you need it shop around.

Go to the police station/city hall and ask for the crime reports. See if there is a lot in your area.

 

[DisgruntledVirus]

I have renters insurance. I don't even thing it would cover me in the instance that I imagined I would actually need it though - a flood (i.e. hurricane comes and since we aren't far off a canal..... well) I think you need special flood insurance for that. I'm fairly sure my stuff IS covered if the building ceases to exist or a significant portion of the structure fails and my stuff is destroyed (as long as it isn't by flooding) Why the difference anyways?

In any event I pay $31/month for $20,000 actual replacement cost, 300k of guest health and something else with a $500 deductible.

Without actually reviewing your policy I can't answer your question for sure.

If you live along the coast, and rent I believe renters insurance *should* cover your property. The trouble is when you own a home you need to have flood insurance as well. I don't do flood policies or fully know the rules and regulations regarding flood policies and such. Without knowing where you specifically live (along with your actual policy and all that) there is no way for me to give you actual professional advice.

The reason for flood insurance vs regular homeowners (this is all AFAIK and what I can remember as it's been a bit since I've dealt with any of it), is simply that the federal government passed an act that basically says to communities "if you follow these guidelines that deal with flood mitigation and planning, we will ensure you can obtain flood insurance in your area." Most private insurance companies will not off policies with flood protection in a flood plain or area at risk for flooding. Growing up we lived within a few miles of the Cuyahoga River and we had to have flood insurance (per the mortgage agreement).

I don't know for sure how it's worded, but AFAIK renters would cover your personal losses due to a flood. Check with your agent/company about your specific policy though. It would also be in your policy jacket (fairly thick document that states what will and will not be covered which you should get once a year for renters).

 

[DisgruntledVirus]

Wow..some of you guys pay cheap renter's insurance. In TX, Geico (just did a quick quote for comparison) want's 263$ a year for 20k of personal property coverage..

Where in TX?

If you're anywhere near the Gulf, then that's due to the risk of hurricanes. Check with Allstate, State Farm, Nationwide, and Progressive as well.

 

[Vette73]

Without actually reviewing your policy I can't answer your question for sure.

If you live along the coast, and rent I believe renters insurance *should* cover your property. The trouble is when you own a home you need to have flood insurance as well. I don't do flood policies or fully know the rules and regulations regarding flood policies and such. Without knowing where you specifically live (along with your actual policy and all that) there is no way for me to give you actual professional advice.

The reason for flood insurance vs regular homeowners (this is all AFAIK and what I can remember as it's been a bit since I've dealt with any of it), is simply that the federal government passed an act that basically says to communities "if you follow these guidelines that deal with flood mitigation and planning, we will ensure you can obtain flood insurance in your area." Most private insurance companies will not off policies with flood protection in a flood plain or area at risk for flooding. Growing up we lived within a few miles of the Cuyahoga River and we had to have flood insurance (per the mortgage agreement).

I don't know for sure how it's worded, but AFAIK renters would cover your personal losses due to a flood. Check with your agent/company about your specific policy though. It would also be in your policy jacket (fairly thick document that states what will and will not be covered which you should get once a year for renters).

From the ones I have seen and a quick google serach...
"floods and earthquakes are not included." in most RI policies.

But I agree, people should read their policies REAL well.
Most policies have a LOT of stuff they do not cover that you would think it would.

 

[iCyborg]

I have it as a package deal with my car insurance. It costs $18 for $30K coverage, and it lowers my car insurance by ~$16, so effectively it costs me ~$2/mth, less than 1% on top of car insurance, kind of a no-brainer...

 

[Svnla]

Wow..some of you guys pay cheap renter's insurance. In TX, Geico (just did a quick quote for comparison) want's 263$ a year for 20k of personal property coverage..

No kidding. I don't know how they get 20 to 30K policy for $50/year or less.

I am with State Farm, the same company for my vehicle and my 30K replacement policy is about $15/month or about $180/year (with all the discounts and such).

.

 

[SarcasticDwarf]

No kidding. I don't know how they get 20 to 30K policy for $50/year or less.

I am with State Farm, the same company for my vehicle and my 30K replacement policy is about $15/month or about $180/year (with all the discounts and such).

.

And for me with State Farm (where I also have my vehicle) it is $30-60/yr with the discounts. Weird.

 

[MichaelD]

Renter's Insurance is the best thing since sliced bread. Even a basic ACV policy is better than nothing and very cheap. Along those lines (and I'm not dissing anyone), I read a few replies stating "I pay $50/$30/$35 for the whole year." I wonder if those people actually know that they probably have an ACV and not a Replacement Value policy. I'm insured with USAA and my ACV Renter's policy didnt' go up all that much when I went from ACV to Replacement...did that YEARS ago at the urging of someone smarter then I.

I pay $24/month, but my total deductible is only $100. About a year ago I asked how much my premium would go down if I raised my deductible to $500. It was like $1/mo. So I said screw that and left it at $100.

IMO $24/mo is still cheap compared to the coverage that I have. It's nice to know that if I got completely wiped out, USAA would cut me a $40K check. Sure; there are things that no amount of money can replace (pictures, for one) but at least I'd have a fresh start...with better stuff than I own now. I 've never had to use it, but it's very reassuring to know it's there!

One thing that totally sucks about Renter's insurance is that you need Riders to cover "excessive amounts of a certain item." Example: My policy only pays for the replacement of $2K of jewelery. The wife's engagement ring is worth twice that. IIRC, last time I asked about a jewelery rider it was like $100/mo for each $5K in coverage. I almost fainted. Bank safe deposit box FTW!!!

ps
Needless to say, your premium depends heavily upon where you live!!!

 

[thegimp03]

We're required to have it in the complex I live in. I think my policy is about $120 a year not including the rider on an engagement ring. Peanuts compared to what it would cost to replace my stuff if someone left a candle lit and it burned down my place. For the "rider" on my fiancee's engagement ring it costs $16 per $1,000 insured.

 

[zinfamous]

Nope. We're homeowners, so we have homeowner's insurance...



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.

"burgled" is such an awesome word.