Originally posted by: ProfJohn
Doesn't it also cover personal property in your car?? Such as someone stealing your laptop or camera out of the trunk??
Am looking at Gieco now, didn't know I could get it through them and have it all on the same bill. How exciting 🙂
Yes.
Auto insurance covers the vehicle, and permanently installed equipment (i.e. car radio, speakers, amps, among other things). It will NOT cover any items that can be moved, and not part of the vehicle.
Renters insurance covers all personal property inside the home or not. If you get mugged, it covers that. If your car gets stolen you will file a claim for the auto (against your auto companies policy), AND a renters/homeowners claim for any personal property (laptop for example). If you lose something on vacation (wedding ring for example), renters covers it. Renters covers all the small "stuff" (laptops, electronics, jewelery, etc) basically.
Also, make sure you have replacement cost coverage instead of actual cash value (ACV). It only costs a little bit more, but offers much better coverage. Here's why: ACV policies give you the depriciated cost of the item (i.e. current market price for the item). Replacement cost policies offer you the cost to replace the item with an item that is the current market repacement (i.e. what you originally paid for the item). For example, my Pioneer Kuro 5080 I spent $2500 on when I got it March of 2008. Say it was stolen (or damaged during a party, or caught fire, etc), with an ACV policy I would get what it's worth today
about $1650. With replacement cost I would get $2500, and the ability to purchase the current equivalent the Kuro 5020. That's $900 more I get to replace the item from the loss that occured. Get replacement cost.
Next, look for anything excluded (like the sewage backup for example) and see about adding it. In Ohio we have mine subsidence that's commonly excluded for example.
Also, if you have wedding rings or other especially high value things (electronics are another one like high end speakers) you can get special insurance that is less than $10/mo usually but offers coverage of many thousands (like $5-10k wedding rings for example) that would otherwise eat most/all of your limits on the renters policy.
Originally posted by: dullard
I'd like to add myself to the list of people who were paid to get renters insurance. I have State Farm insurance. My renter's insurance was roughly $8/month but my car insurance dropped by roughly $10/month since I had multiple insurances from State Farm.
Even if you can't get a deal like that, it is so cheap, it would be worth looking into even if you didn't have to get it.
That is the next thing you will most likely notice. Go to your auto insurance co first, and you may find it's
cheaper to have renters. For me it was (State Farm).
Originally posted by: freesia39
Originally posted by: SarcasticDwarf
Originally posted by: jtvang125
So what's the process of getting insured? You inquire, they come out, inspect the place, take down your possessions and their value? Do you need a receipt to prove the value? Are the only things covered are things you listed?
Yup. Most of the time they don't inspect, but there are certain circumstances where they will (such as a mobile home over a certain age). The 12 and 4 unit apartments I lived in when in Wisconsin a couple years ago did not get inspected.
Also, if you have very specific items you want insured - for example, I specifically insured my engagement ring - you usually need to get it appraised and bring it into the insurance company for them to take pictures and then they'll attach it to your policy.
Go to agent
Get quote for how much it would cost to replace all your belongings
Pay agent
If you have any special items (wedding rings like freesia39 said) you may need a certified appraisal for. Otherwise it's just your word, and will be checked by adjusters if/when a claim happens. For your protection though, make an itemized list with serial #'s, photos, etc. Just in case.
