Renter's Insurance? - Page 2

Melsmom · 03-05-2009, 09:36 PM

Just checked d's policy & I was mistaken. Her policy is for $300,000 liability & 10,000 personal stuff. The price is $76 for the year. Can you beat that then younghoss is that what you're insinuating? $500 deductible, so what?
This works for any students that live/go to school out of state. Our homeowners wouldn't cover her because of that.
Good luck!

"just"aMom · 03-06-2009, 12:51 AM

Melsmom, your coverage is larger than my D's, however her deductible is tiny by comparison. $5,000 coverage with a $25 deductible, cost $85 for the year.

anothermom2 · 03-06-2009, 07:21 AM

When I was in law school, an unfortunate building fire burned the entire rental building of two of my friends. Fortunately no one was injured. Beside loosing all the furniture and refrigerator(no lap tops in those days) they had nothing to wear.

If you can get a good policy for a couple of hundred dollars or less, it is probably worth it. It might make more sense to get it from a place doing business in that state, because in the event of a loss, it might be easier for them to see the premises if necessary. Also, for liability, maybe a separate policy would be better in the event of loss. What if the other kids in the apartment are not covered. Could your liability limits be tapped more than they should be? It is not always a question of coverage vs. money if there are others in the enterprise.

I guess it is an education that student apartments might require liability insurance. I never had to do this personally, nor did I require it when I rented my old condos. Of course for business, the renter has to do so.

Last year there was a good thread on insurance for the lap tops.

younghoss · 03-06-2009, 10:29 AM

As a landlord, I am familiar with renter's insurance. Not an expert, but familiar. Renters insurance typically covers a renters' personal property while one lives in a rented unit. The landowners' policy typically covers the building itself, and sometimes furnishings/appliances if the landowner provides them to the tenant.
"Can I beat that?"(post 16). I don't even know what you are talking about! Beat what? I don't sell insurance. My post 7 was in response to the OP who didn't see the info on insurance she was looking for on the insurance website, so she turned here for answers. I was hinting to her that a better alternative was to contact her local agent for info. She later posted that she did, and got the info she was seeking.
My post 12, like GA's post 9, were questioning the need for $200k of renters insurance, knowing what renters insurance typically covers- the renters' property. It sounds to me like if $200k or 300k was required of a renter then it isn't renters insurance, OR it is renters' insurance plus something else. 300k Liability? Liability for what? Renter's insurance covers one's own property. There may be other insurance required by a landowner of a renter, but don't confuse that with what is commonly known as renters insurance.

Here's a quote from the State Farm website:
"State Farm® renters insurance is for anyone who rents a home, be it a house or an apartment.
Renters insurance can protect your personal property against fire, theft and vandalism."

And another, from Allstate:
"Renters Policy
A Renters Policy will protect your personal property the same way it would if you owned a home. Ask your agent about what level of coverage is right for you. "

alwaysamom · 03-06-2009, 10:42 AM

younghoss, I have never seen a renter's or homeowners policy that does NOT include liability coverage. Someone who is renting an apt. or a house needs liability insurance just as much as someone who owns a property, and for the same kinds of reasons.

Consolation · 03-06-2009, 12:19 PM

I seem to recall that back when I had rental insurance it included coverage for damage to the rented premises...as alwaysamom suggests.

07DAD · 03-06-2009, 12:41 PM

Quote:

Coverages

Renters Insurance is designed to help protect you from losses.

Losses are occurrences that caused direct physical damage to property or injury to persons, whether covered by insurance or not.

Here are brief descriptions of our Renters Insurance coverages:

Personal Property - Coverage B

This coverage helps protect against losses to:

The personal property you have in your home such as your clothes and furniture.
The personal property you have with you when you are away from home in many places throughout the world.
Coverage for your personal property may include losses caused by:

Fire or lightning
Weight of ice, snow or sleet
Explosion
Aircraft and vehicles
Smoke
Sudden and accidental tearing or bulging of heating or cooling systems
Windstorm or hail
Theft
Riot or civil commotion
Falling objects
Vandalism or malicious mischief
Sudden and accidental water discharge from plumbing or appliances
Freezing of plumbing systems

Loss of Use -- Coverage C

This coverage provides payment for certain losses when your home is damaged and rendered uninhabitable because of an insured loss.

Additional Living Expense

This covers the actual loss incurred for increased expenses over and above what you normally spend for food, shelter and related items for the shortest time required to repair or replace the premises, or for your household to settle elsewhere up to 24 months.

Inflation Coverage

This coverage automatically increases the amount of your insurance coverages on your personal property as inflation changes the cost of living.

The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal.

Tip:

XXXXXXXXX's replacement cost coverage to get the most protection for your money.

This coverage provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.

Personal Liability -- Coverage L

This coverage provides payment for your legal liability up to the limits in the policy for damages because of bodily injury or property damage caused by an occurrence to which this insurance applies.

In addition, it may provide for the payment of your defense against these claims or suits.

Medical Payments to Others -- Coverage M

This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured.

The coverage also extends to people accidentally injured by your activities.

However, the coverage does not pay for medical expenses for you or members of your family who live with you.

Here's coverage available from one major Insurance Co. So, you can get a renters policy that covers personal injuries to others. See coverage L and M

Melsmom · 03-06-2009, 01:19 PM

I would imagine it's good to have liability insurance if, God forbid, someone leaves your apartment drunk and the unthinkable happens. Not to mention any other risky behavior that might occur while entertaining in one's apartment. Yikes.

Panhandlegal · 06-26-2009, 08:59 AM

Researching renter's liability info...Any experience? If someone is injured--say falls down the stairs or slips on the wet floor or trips on the rug at DDs off-campus house--and there is no renter's insurance, can the injured come after the parents of the renters? Do All occupents of the house have to be covered on the policy? (There are 4 kids living together.) Our homeowner's policy is adequate to cover valuables/computer, etc. but the proverbial light bulb is just coming on with regard to liability. Any experience? Not overly concerned about the drinking piece mentioned in the previous post, but suppose anything could happen.

kitty56 · 06-26-2009, 10:10 AM

Just got renter's insurance for S who will be living off campus in September. In the dorm he was covered under our homeowner's, but not for an off campus house. It was very reasonable - $110 per year for $15,000 for personal property with replacement cost, $3000 for loss of use of residence, and $300,000 for liability.

Lergnom · 06-26-2009, 02:24 PM

A quick note: if you claim on your homeowner's policy, you will be screwing up your rating. Better to have a separate policy.

akck · 06-26-2009, 05:36 PM

We checked with our homeowners insurance and they were not covered if renting an apartment or house off campus. We had to go through a local insurance agent near the school to get a policy, but it was easily accomplished over the phone.

One nice thing about having a local agent was when a son was pulled over, he was cited for no insurance because his name wasn't on the insurance card (same company for auto). We were able to contact the local agent and he printed a document off with our son's name on it showing coverage. I thought it bordered on harassment (against OOS student/vehicle), because proof of insurance is for the vehicle, not necessarily the driver.

mom60 · 10-21-2009, 05:15 PM

We are slow learners. Son had his laptop taken Friday night. The thief took my son's computer and his roommates computer. The 3rd roommate had a desktop and it was fine. They did leave my son's digital camera and ipod. My son said they forgot to take the computer power cord! They filed a police report but they have no hope it will be recovered. Luckily my son had his big project on a zip drive. Professors are being understanding after seeing the police report. My son said of course it was one of the few times he did not lock the laptop to his desk.
Our homeowners will cover it with a $500 deductible. We should have gotten renters insurance. That is now a priority before we replace the laptop.
Has anyone installed the software that sends an email that tells you where the computer is being used? It is advertised on one of the insurance sites listed on page 1 of this thread. Has anyone filed a claim and successfully been reinbursed?

Mom0f3 · 10-21-2009, 05:27 PM

Nothing but good things to say about College Student Insurance (CSI). They quickly and cheerfully reimbursed us for the full cost ($1400) of my son's laptop minus a $50 deductible when he accidentally damaged it last year with a liquid spill. They also provide a downloadable program to track a laptop if stolen, and will waive your deductible if you have downloaded it and your laptop is stolen. We've insured his personal property this year for his off-campus apartment -- I think about $5000 worth for about $100 with a $50 deductible.

scualum · 10-21-2009, 05:31 PM

Jumping in late here - but make sure you have enough liability insurance. A family friend had their son burn down the place he was living in through carelessness - cigarette thrown in a garbage can.

Parents were sued and lost - and ended up paying for the repair of the apartment building to the tune of tens of thousands of dollars.

My DS recently moved into an apartment - we were able to add it to our homeowners policy.