Inspired by the guy who is putting in a 6000 HT system as well as a Friend's episode -- WTF is Renter's Insurance. Is it necessary? I am a 23 year old Software Engineer living by myself in Sunnyvale. In my apartment I have/will have couches, 2 desktops, 1-2 laptops (personal and work), Denon 3803 Receiver, Projector, and speakers. Roughly 8-10 worth of electronics. Should I get Renter's Insurance ... how much does it usually cost?
Renter's Insurance
- Thread starter lukatmyshu
- Start date
if you can afford to lose all your possessions in a fire or theft, don't get renters insurance. it is extremely cheap, like $200 for a year. if possible get it from the same company that insures your car, you can get a discount.
Renter's insurance is a good idea. If your apartment complex had a fire, your items would not be protected unless you had a renter's policy. If the place flooded, you stuff would not be protected. If there was a burglary, your items would not be protected.
Renter's insurance isn't too much. You could call a local insurance agent to get a good idea of what it would cover in your area - along with the cost for the policy. Also, when you call, you might want to ask the agent what the rates would be for your car insurance, too - if you were to switch. Sometimes, some companies offer discounts for multiple items being insured.
Renter's insurance isn't too much. You could call a local insurance agent to get a good idea of what it would cover in your area - along with the cost for the policy. Also, when you call, you might want to ask the agent what the rates would be for your car insurance, too - if you were to switch. Sometimes, some companies offer discounts for multiple items being insured.
Damn, PipBoy - we said essentially the same thing. If I didn't take so long to make my post, we would have probably had the same time stamp, too.
RossMAN
Grand Nagus
- Feb 24, 2000
- 79,035
- 443
- 136
I also highly recommend renter's insurance.
We have renters insurance through American Family Insurance which costs $100/yr and offers $16,000.00 coverage
In addition we receive a 20% off discount off our auto insurance = big savings
We have renters insurance through American Family Insurance which costs $100/yr and offers $16,000.00 coverage
In addition we receive a 20% off discount off our auto insurance = big savings
Okay ... you all convinced me. Once I switch over my car insurance to my name (right now my parents are still covering me) I'll get renters insurance.
Renters only cost me about 150 a year, and gave me a discount on my car insurance which my girlfriend immediately counter-acted. By this I mean by putting her on the policy, her speeding ticket pushed me right back to pre-discount prices.
I pay around $160 a year for something like $40K of coverage. Aside from fire and theft I think there is even some personal liability in case a door-to-door salesscum stubs his toe and sues me.
It's cheap peace of mind since just replacing my CD collection would cost $8-12K, plus computers, AV gear, DVDs, clothes, books -- it adds up fast when you priice out everything in your apartment.
It's cheap peace of mind since just replacing my CD collection would cost $8-12K, plus computers, AV gear, DVDs, clothes, books -- it adds up fast when you priice out everything in your apartment.
Make sure to inquire about a multi line discount. If you have renters through the same place as your car, then you ahve two seperate lines of insurance warranting multi line. It's not much, but it lowers the net cost a little.
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
It is a neccessity. Also, remember to put riders on your ins. for any big ticket items that are worth more than the default coverage because even though the ins. company gives you $16,000 in coverage, they break it down into categories. $3,000 for electronics, $1,000 for clothes, $3,000 for furniture, etc.
We have riders for a laptop and a ring, because they are worth more than the amounts set and only raised the policy premium a few dollars per year.
We have riders for a laptop and a ring, because they are worth more than the amounts set and only raised the policy premium a few dollars per year.
I pay around $90 a year for a policy with $10,000 in coverage and a $500 deductable. The peace of mine the policy offers is worth every penny. So, calculate the total value of your possessions and go see an agent. Talk to the company that does your car insurance as they may give you a discount. When calculating the value of your stuff, you'll tend to look at all the big items. Don't forget about things like furnature (bed, dresser, tables, chairs), media (movies, music, books), kitchen items (pots, pans, utensils, etc), CLOTHES (this is a big one). As a chemical engineer, I have around $1000 worth of textbooks alone, not to mention all the furnature (tables, chairs, computer desk, couch, bed), my CD and DVD collections, my video game consoles and collections. Not to mention all my eletronics, computer equipment, etc. Tack on the expensive of having to buy all new clothes, and you are looking at a sizable amount of money. To be perfectly honest, $10,000 probably wouldn't cover everything.
Chances are that you won't need your renters policy, but if you ever do, you'll be glad you are insured.
R
Chances are that you won't need your renters policy, but if you ever do, you'll be glad you are insured.
R
To reaffirm what the others have said, get the renter's insurance. Not only will it replace your expensive electronics, it'll also cover those things everyone has but forgets to include in determining how much it'd be to replace,,,,,stuff like all your clothing, books, pots 'n' pans and other cookware, microwave, clock radios, pictures on the wall.....everything. It'll also give you some liability protection against those that like to sue for slip/fall and other actual or perceived injuries when in your apartment/area.
I just wrote the check, 220 for a year. My landlord requires tenants to have rental insurance.
Ditto on what they said about riders for your valuable stuff, or it isn't included. Also, there's something about equipment you use for work - I have business insurance, so it's covered on that, but if I use my computers for work, they aren't covered under the rental insurance. Be sure to ask.
If you have jewelry, you're supposed to get it valued before it's covered, and it costs extra.
Ditto on what they said about riders for your valuable stuff, or it isn't included. Also, there's something about equipment you use for work - I have business insurance, so it's covered on that, but if I use my computers for work, they aren't covered under the rental insurance. Be sure to ask.
If you have jewelry, you're supposed to get it valued before it's covered, and it costs extra.
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