Renter's Insurance

[Maverick2002]

Is it worthwhile to purchase renter's insurance at an apartment complex? What exactly does it/does it not cover? My biggest thing would be theft insurance .. unless that's something else?

TIA

 

[Anubis]

YES YES a thousand times YES

 

[Turin39789]

yes

 

[Feldenak]

Originally posted by: Anubis
YES YES a thousand times YES

 

[Deeko]

Yes, it's dirt cheap.

 

[queenrobot]

I have renter's insurance, I have never filed a claim before, but I am glad I have it.

 

[Brovane]

Yes it will cover theft. I had it when I lived in a apartment. It is fairly cheap and is well worth it if you have some nice stuff.

 

[Vette73]

No, Unless you live in a ghetto. I rather the extra money go toward a nice place not insurance because I live in a lower end place.

 

[Schfifty Five]

Originally posted by: Marlin1975
No, Unless you live in a ghetto. I rather the extra money go toward a nice place not insurance because I live in a lower end place.

It's like less than $200 a year for renter's insurance.

 

[Maverick2002]

ok, who do you all go through? I just looked at state farm and they ask 100000 questions (to which I don't know the answers) before I can even get a quote. how much of a hassle is it to set it up and how should i go through with it?

 

[Savij]

Originally posted by: Anubis
YES YES a thousand times YES

 

[racolvin]

Most definitely. It's staggeringly cheap on an annual basis and trust me you will KICK yourself if you don't have it should the situation ever arise.

Case in point:

I'd had a renters policy for years as an apartment dweller and never once needed it but I dutifully paid the bill. Then in 1998 my apartment building burned down due to an electrical short in the common attic space (fault to the building owner). Of the 6 units in my building, I was the only one with insurance - five families lost everything they owned, and no way to recover it. Granted I had not updated my policy in years so my coverage wasn't adequate to the stuff I lost but at least I got something. I lost $65k worth of stuff but only had coverage for $40k but believe me, I was damned glad to get that check for $40k to help rebuild my life.

Remember, the landlord is in no way liable (at least in my state) for your contents even if the fire was their fault, as it was in my case. Renters policies exist for this reason - its your responsibility to protect yourself. I was getting $40k of insurance for $110/year - a bargain.

Edit: And don't underestimate the value of stuff you have. It's amazing what it costs to replace things all at once when you've been accumulating it over the years. Clothes particularly creep up on you. You may have had that Polo shirt for years and it might be worth $1 at garage sale but it would cost you $70 to buy it new as an insured loss.

 

[Demon-Xanth]

I paid $240/year to insure virtually everything I owned while living in an apartment. And because it was through AAA, I got about $120 off my car insurance so it was something like $10/mo. Why the hell not?


And just ask Josh:
http://forums.anandtech.com/me...ord1=renters+insurance

 

[AstroManLuca]

I live on the ground floor of an apartment building right in Minneapolis and my insurance is only a bit over $100/year.

Think of it this way - it's 2x as much as Xbox Live. You can't afford NOT to get it.

 

[Savij]

Originally posted by: Maverick2002
ok, who do you all go through? I just looked at state farm and they ask 100000 questions (to which I don't know the answers) before I can even get a quote. how much of a hassle is it to set it up and how should i go through with it?

It's about 20 questions and you can ask your apt. management to answer them. You can shop around or you can go the easy route and just use whoever you have for car insurance.

 

[HardcoreRobot]

you can't afford to NOT have it

 

[ViviTheMage]

Originally posted by: Anubis
YES YES a thousand times YES

Depending, its like 10-20$ a month. DO IT.

 

[sygyzy]

Originally posted by: racolvin
Edit: And don't underestimate the value of stuff you have. It's amazing what it costs to replace things all at once when you've been accumulating it over the years. Clothes particularly creep up on you. You may have had that Polo shirt for years and it might be worth $1 at garage sale but it would cost you $70 to buy it new as an insured loss.

I've always wondered about this. If your Polo is "worth" $1 now, do you count that as $1 or $70 (replacement value) when figuring out your coverage amount?

 

[spidey07]

Think of it this way - your apartment burns up and nothing is left.

Still don't want to get insurance?

 

[DisgruntledVirus]

Short answer: You are stupid if you don't

Longer answer: Yes it is worth it. Josh on these boards is a prime example. Renters insurance covers a lot more then just items inside the house though. For example, my tablet pc ($1800 when I got it 4 years ago, worth $300-500 now) is my laptop and used extensively. If it gets stolen in school for example I can call my carrier and file a claim. They send me a check for $1800. Same with my HDTV, if it gets stolen/damaged due to fire/water/flood/house guests/etc I get what I paid for it (about $2300) to replace it. This is all minus my deductible (which is $250), but still a fuck ton cheaper then replacing it twice. Basically renters/homeowners insurance covers all your personal property wherever it/you are as well as it being in the house (usually this is the case, but depends on the policy. Make sure to always read your policy jacket you get when you get insurance along with making sure you have the right amount of coverage).

Make sure to avoid at all costs depriciated value of items on the insurance at all costs. Always always always get a policy that covers what you PAID for the items, NOT what they are currently worth. racolvin's example shows why you need to keep it updated as well, but in that example if his stuff had been worth the $65k and he got depriciated value it would have easily been $40k or less. These are replacement cost policies, instead of actual cash value ones.

Look at it this way. If a fire burned down the apartment and destroyed everything you have in there right this moment, could you go out and buy replacements for everything? Even if you can, would you want to? If the answer to either of those is "no" then go get a policy and bitch about spending $100/mo on cable tv and internet instead of $200/YEAR on insurance .

edit: take a look and add up everything you have in different areas (clothes, electronics, furniture, etc). Take that total, and add 10% or so to it. Take out a policy that covers that much at minimum. Also make sure your limits are over each area (electronics is usually about $5000, but I have $15k in electronics from what I paid for it so I have a $25k limit on that). If you have questions about a policy pm me and I will answer any questions you may have about it. I am an underwriter for a top 5 P&C insurance co .

 

[dainthomas]

Originally posted by: Maverick2002
Is it worthwhile to purchase renter's insurance at an apartment complex? What exactly does it/does it not cover? My biggest thing would be theft insurance .. unless that's something else?

TIA

Would you like to be that guy on the news who now owns nothing but the boxers he's wearing because one of his neighbors blew up their meth lab?

 

[racolvin]

Originally posted by: sygyzy

Originally posted by: racolvin
Edit: And don't underestimate the value of stuff you have. It's amazing what it costs to replace things all at once when you've been accumulating it over the years. Clothes particularly creep up on you. You may have had that Polo shirt for years and it might be worth $1 at garage sale but it would cost you $70 to buy it new as an insured loss.

I've always wondered about this. If your Polo is "worth" $1 now, do you count that as $1 or $70 (replacement value) when figuring out your coverage amount?

It's always about replacement costs.

 

[Injury]

Originally posted by: DisgruntledVirus
Short answer: You are stupid if you don't

Longer answer: Yes it is worth it. Josh on these boards is a prime example. Renters insurance covers a lot more then just items inside the house though. For example, my tablet pc ($1800 when I got it 4 years ago, worth $300-500 now) is my laptop and used extensively. If it gets stolen in school for example I can call my carrier and file a claim. They send me a check for $1800. Same with my HDTV, if it gets stolen/damaged due to fire/water/flood/house guests/etc I get what I paid for it (about $2300) to replace it. This is all minus my deductible (which is $250), but still a fuck ton cheaper then replacing it twice. Basically renters/homeowners insurance covers all your personal property wherever it/you are as well as it being in the house (usually this is the case, but depends on the policy. Make sure to always read your policy jacket you get when you get insurance along with making sure you have the right amount of coverage).

Make sure to avoid at all costs depriciated value of items on the insurance at all costs. Always always always get a policy that covers what you PAID for the items, NOT what they are currently worth. racolvin's example shows why you need to keep it updated as well, but in that example if his stuff had been worth the $65k and he got depriciated value it would have easily been $40k or less. These are replacement cost policies, instead of actual cash value ones.

Look at it this way. If a fire burned down the apartment and destroyed everything you have in there right this moment, could you go out and buy replacements for everything? Even if you can, would you want to? If the answer to either of those is "no" then go get a policy and bitch about spending $100/mo on cable tv and internet instead of $200/YEAR on insurance .

edit: take a look and add up everything you have in different areas (clothes, electronics, furniture, etc). Take that total, and add 10% or so to it. Take out a policy that covers that much at minimum. Also make sure your limits are over each area (electronics is usually about $5000, but I have $15k in electronics from what I paid for it so I have a $25k limit on that). If you have questions about a policy pm me and I will answer any questions you may have about it. I am an underwriter for a top 5 P&C insurance co .

Great advice.

You may also consider making an excel sheet or some documentation of your more "valuable" possessions (ie: CDs/DVDs/games, computer & electronics, jewelery, etc.) and keeping it in a safe place that is NOT in the building... maybe have a family member hold on to it (someone who won't consider it a list of things for them to steal), or if you have a safe deposit box that would be ideal. That way in the event that something does happen, you can give the list to your insurance company and have a pretty good concept of what needs replaced.

 

[racolvin]

Originally posted by: Injury
[
Great advice.

You may also consider making an excel sheet or some documentation of your more "valuable" possessions (ie: CDs/DVDs/games, computer & electronics, jewelery, etc.) and keeping it in a safe place that is NOT in the building... maybe have a family member hold on to it (someone who won't consider it a list of things for them to steal), or if you have a safe deposit box that would be ideal. That way in the event that something does happen, you can give the list to your insurance company and have a pretty good concept of what needs replaced.

Amen.

When I had my loss, I had to sit down in the agents office and fill out (by hand) several pages of forms listing the item and the value. I'm certain I missed things just because my memory couldn't take it all in. If you have the list and keep it updated, it's much simpler

 

[Tarrant64]

YES, I didn't do this for years and finally just went in and talked to an insurance person to figure out the details.

For me it's $115/year, dirt cheap if you ask me. You're not only covering yourself from theft, but from the idiot that trips on your rug and breaks his arm, the stupid mistake of leaving your stove on and the apartment catching fire, etc. The list goes on and on, just get it.