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renters insurance

Discussion in 'The OT' started by Nabisco, Jun 23, 2010.

  1. Nabisco

    Nabisco Godfather

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    May 18, 2007
    Well after our area being ravished by bad storms and tornadoes it got me thinking some kind of insurance would be good! now i only rent but how do i protect my items from a natural disaster? i really dont have to run the tv down to the basement if a tornado comes so how does insurance cover your stuff, i dont have all the receipts to everything so how would they know what i had? does it cost alot to have i am already broke so i cant afford much, i dont have to worry bout flooding if that happens illinois will be under water lol, just give me some ideas on what to look for and get and any info..... thanks! i just want to make sure im not a homeless person with nothing if something happens!
     
  2. spartanstew

    spartanstew Dry as a bone DBSTalk Club

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    IIRC, renters insurance is very cheap - about $10 per month.

    Just take pictures or video of your apartment to prove what you have/had.
     
  3. dpeters11

    dpeters11 Hall Of Fame

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    I'd also make sure to include serial numbers and such in pictures you take. Obviously, if you're robbed, serial numbers can be scratched off, but better to have it than not. And keep the files or pics outside your place.

    I'd also start with whoever you are with for car insurance. You likely can get a discount by combining policies. If you are able to pay more than month to month, there usually is a discount there.

    Spartanstew is right, it will be very cheap since it doesn't cover structure.
     
  4. ndole

    ndole Problem Solver

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    We added renters insurance to our existing car insurance policy, it cost us $99/yr. But after adding the AAA multiple policy discount, it saved us $80/yr on our car insurace. So we have $15,000 in belongings coverage, and $150,000 in home coverage for $19/yr.
     
  5. fluffybear

    fluffybear Hall Of Fame DBSTalk Club

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    Peachtree...
    It never hurts to have a security stamp (which can only be read under a black light) as well. Stamp your items with your Drivers License # or some other code which can be used to identify your items in case of theft.

    I purchased one for around $25 many years back and still use it to this day. It has come in real handy on more one than one occasion (person purchased something from me on eBay and returns a different unit claiming the item was damaged)
     
  6. hdtvfan0001

    hdtvfan0001 Well-Known Member

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    I'd agree this is the best advice.
     
  7. BubblePuppy

    BubblePuppy Good night dear Smoke... love you & "got your butt

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    My wife and I have both of our cars covered plus renters insurance with the cute lizard at only $70 a month. That monthly rate is less than what it cost when I just had my car insured before I got married.
    Fluffybear, excellent advice....now to go shopping later today.:D
     
  8. 4HiMarks

    4HiMarks Hall Of Fame

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    +1 to all of it. First you need to calculate the value of all your belongings. You will probably find it is a lot more than you thought. Clothing can really add up, unless you buy everything at Goodwill, and wear the same thing every day. Think about how many shirts you own. Now multiply that by the average price you pay for a shirt. Now imagine having to replace your entire wardrobe if there is a fire... I'll bet you're looking at thousands of dollars.
     
  9. BubblePuppy

    BubblePuppy Good night dear Smoke... love you & "got your butt

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    Very good point. I did a very high replacement estimate, and both of us were surprised as to how inexpensive the combined insurance payments were/are.
     
  10. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Another point regarding printed and video records of your belongings. Rent a safe deposit box at your bank and store copies there. That way, if a disaster should happen, you'll have the information available.
     
  11. hdtvfan0001

    hdtvfan0001 Well-Known Member

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    Yes!

    The same holds true for those like me who have computer backup DVDs...a good safe offsite storage place in the event of a disaster.
     
  12. matt

    matt New Member

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    A good friend of mine lost just about everything he had a few years ago in a house fire. He was gone on vacation, it was like 3 am in the morning, and it was arson. Nobody was really awake and that sucker burned down to bare brick.

    He didn't have renters insurance and it was a devastating blow. He is now back on his feet and doing great, bought a house and all, but for the price of renters insurance, how can you not afford to get it?
     
  13. Nabisco

    Nabisco Godfather

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    May 18, 2007
    ALL GREAT ADVICE!!!!! Its something that i have been worried about foe a while, how how about my project cars, they arent on regular car insurance well because im still restoring them.... where would they fit in at on the renters insurance???
     
  14. fluffybear

    fluffybear Hall Of Fame DBSTalk Club

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    That is something you would need to address with each insurance company you speak with as each company and policy can be different. You may be required to take out an additional rider just to cover them. I know this is done sometimes with things such as artwork, collectibles, high end electronics, etc.

    Don't just assume they are covered and be sure to verify coverage anytime you change carriers or make drastic changes to your policy.
     
  15. markfp

    markfp Legend

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    It's very important to talk to your agent about what is and isn't covered. Don't just go by monthly payment. If you've got a lot of electronics or a huge DVD collection or other expensive valuables make sure it's covered. Also depending where you live, you'll want to make sure you got flood coverage. Just like homeowners policies most renters policies don't cover floods. It has to be bought separately.

    One other thing, NEVER assume that your landlord's insurance will cover your losses. IT WON'T and chances are that somewhere in the lease you signed it says so.

    It's good that you're thinking about insurance, many renters don't until it's too late.
     
  16. fluffybear

    fluffybear Hall Of Fame DBSTalk Club

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    Very good point.
     
  17. lee635

    lee635 Hall Of Fame

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    My place was burglarized about 15 years ago - They took everything. The insurance company mostly asked for estimates of what was stolen. For the electronics, they asked for the remote or the box or the owners manual. I didn't have any proof for a couple of items, but in the end, they covered everything. Wasn't as bad as I expected. Having some basic documentation, like a picture of the equipment, a receipt or the owners manuals is probably good.

    I don't brand my items with personal data. The thief could use that info for identity theft. Also, you have to remember to remove the ID before you sell, donate or dispose of the item. And frankly, once it's been handled by a burglar, I really do not want that item returned....
     
  18. SamC

    SamC Hall Of Fame

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    Renter's insurance is VERY cheep and you do not have to have a receipt for "everything" you own.

    Remember, everyone, that floods (caused by rain backing up rivers, not talking about stuff like leaking pipes and such) are NOT covered by any type of insurance except government backed flood insurance, which you can buy from your agent. Whether you own or rent, make sure you understand how flood insurance works.
     
  19. drpjr

    drpjr Icon

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    Sakatomatoes...
    They don't. They would only be covered by auto insurance and even then they will only give you what a normal used car of that make or model would cost to replace. IOW, they don't care that you put in a $6-8k engine that you built yourself. They pay to replace a stock engine. This is especially true if you don't notify them of the expensive addition. They will want more premium to insure it. The only way around that is a rider on your auto ins or separate "classic car" ins. With the latter they are tuned into money and labor you have put into the vehicle. Not having insurance is always a gamble. Can you afford to replace them?
    +100. Sometimes a collection becomes collectible and more valuable when it can't be replaced. It will be a lot easier to collect on an out of print album thats now worth $100 if you notify them ahead of time. They also can put very strict limits on collections of any sort. It would really suck if you had a fire and burned up $2-3K worth of DVDs and CDs and they only gave you $1k because of policy limits on collections.:( Identify, quantify and know what's covered and to what extent. jdogg, Sorry if this sounds "preachey" but you will always come out better planning ahead of time than scrambling after a loss.:D I know from experience, I've done it both ways:lol:
     
  20. Nabisco

    Nabisco Godfather

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    May 18, 2007
    no thats good, i want to know the gray areas, iwant to be 100% on this! THANKS!
     

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