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Renters insurance

Kristi2k

Kristi2k

Golden Member
Hi, I am thinking about getting renters insurance. I estimate ~15k I should allot myself. Does anyone have RI and if so, how much do you allot? Who do you insured through?

Thank you.
 
It's pretty easy-- just add up the value of everything you own, add a small amount for possible damage to other people's property (5k should be sufficient), and there you go.

Usually, if you get renter's insurance through your auto insurance supplier they'll give you a discount on both. When I had State Farm, I actually ended up paying less total per month after adding renter's insurance than before (the renter's insurance was $12 per month, but they gave me a $20 per month discount on my auto insurance for adding it).
 
Get replacement value insurance. It costs a bit more (~20%), but if you have a loss, you'll get funds to get a new item, not the depreciated cost of the original. Also, most policies will limit coverage for certain electronic items (computers!), so if you have an expensive rig, consider getting a personal article floater.
 
My main concern is furniture, my HD TV and 100+ DVD collection. Will they give me replacement value on those?
 
Originally posted by: Kristi2k
My main concern is furniture, my HD TV and 100+ DVD collection. Will they give me replacement value on those?
Click to expand...

My suggestion is not to go through an Internet-based insurance company. Go down to your local agents and they should explain everything to you and what you will need. They can give you better answers than ATOT.
 
I don't have a lot of cloths, just mainly 5 pairs of dress outfits. I'll give Geico a call after research a little more.
 
Originally posted by: MathMan
It's pretty easy-- just add up the value of everything you own, add a small amount for possible damage to other people's property (5k should be sufficient), and there you go.

Usually, if you get renter's insurance through your auto insurance supplier they'll give you a discount on both. When I had State Farm, I actually ended up paying less total per month after adding renter's insurance than before (the renter's insurance was $12 per month, but they gave me a $20 per month discount on my auto insurance for adding it).
Click to expand...

Same here. I currently have State Farm and received a discount after adding renters insurance. If I remember correctly I went with 20k.
 
good thread :thumbsup: been looking into getting ins through state farm but didnt know if i should. its lookin like i should

 
STAY AWAY FROM FARMERS. I have had bad experiences with them regarding renters insurance. The agent that signed me up either intentionally mislead me or didn't know enough about the insurance he was selling. about 1 year down the road this lead to a rejected claim. I promptly cancelled my insurance with them.

AAA is good, though a little pricey.

 
Argh, someone who already was using my new avatar.

I have 25k in coverage, I'm pondering upping it. I like to think of it like this: How much would someone have to pay you to throw everything you own now away? It comes out to more than 25k I think.
 
Follow cipher00's advice about getting replacement value coverage, not actual value coverage, otherwise you'll have to pay the difference between depreciated and new to replace your lost items plus whatever other costs you incur due to your loss. Also check carefully the events covered that result in your loss, especially when it comes to water damage. For example, some do not cover losses incurred due to water damage from a leaking or burst water heater in the apartment. The policy should cover loss from fire, theft, and water damage to cover you adequately.

Also, check with your landlord to see if they have coverage. Some have coverage to reimburse tenants for some losses when they are the management's fault, though they tend to be minimal.

Some people on here suggested getting renter's insurance from State Farm because of already having auto insurance through them. I've had State Farm auto insurance for several years, but when I talked to them around two years ago about getting renter's insurance through them, they said that they could not write any new policies for it. It's a state by state thing though.

I have my renter's insurance through Nationwide. It's a good policy and relatively inexpensive. As someone else said, for expensive single items you may want to get a separate policy. I have a separate policy for my camera, lenses, etc. through State Farm. That way they're covered from loss whether it's at home, in the car, etc.
 
I got my homeowners insurance through Allstate. They gave me a discount since I had my auto insurance with them.

I'm pretty sure Allstate does renter's insurance too.
 
UPDATE: I have insurance now through Geico, $30,000 @ $125 a year. That's replacement value as well, not depreciated value. Does that sound reasonable?
 
Originally posted by: Kristi2k
UPDATE: I have insurance now through Geico, $30,000 @ $125 a year. That's replacement value as well, not depreciated value. Does that sound reasonable?
Click to expand...

Yeah sounds about right.
 
i don't see why anyone wouldn't get renters insurance when it is so cheap and can cover so much.

i pay around $12X for one year of coverage and get an auto insurance discount.
 
We had Farmer's for several years. $40K blanket coverage. Had one claim when our garage got broken into, and all my tools and salt-water fishing tackle was stolen. Had some hassles with the claims adjuster, but eventually, they paid off. Part of the problem was the adjuster had no clue about custom fishing rods, (which easily cost several hundred dollars each), and kept trying to value them based on the Bass Pro catalog. I finally hooked him up with the guy who built them for me, and they paid for them with no further argument. I got FULL replacement value for everything.
We ended up cancelling Farmers 2-3 yrs after we bought our house, because their rates kept going up and up with no claims against the homeowner policy, and they changed things so that many things which had been previously covered, now required separate rider policies at additional cost to me.
 
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