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Renter's Insurance- what's the going rate?

sbjdorlosbjdorlo 4896 replies388 threadsRegistered User Senior Member
I've searched old threads but haven't seen one from this year. Our son will be living in an apartment this fall across from his college. He has a cello/bows that's worth maybe $3500-$4000 in addition to the normal stuff.

I've been quoted the following from our home/auto insurer and wanted to see if I could get it for less:
Premium $97.40 ($250 deductible)
Content Replacement $32.50
Policy/Membership Fee $12.00

Total cost per year: $140 apx.

I saw an older thread that said someone got it for $97 a month and another for $110 a month. Should I keep looking?

Thanks!
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Replies to: Renter's Insurance- what's the going rate?

  • psychmommapsychmomma 3027 replies45 threadsRegistered User Senior Member
    Did you check Gallagher? Doesn’t hurt to check. I don’t know what the specifics are for expensive equipment. https://www.collegestudentinsurance.com/
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  • sbjdorlosbjdorlo 4896 replies388 threadsRegistered User Senior Member
    Looks like my deal might be better, but it's pretty close to the same. Thanks for the link!
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  • abasketabasket 19150 replies854 threadsRegistered User Senior Member
    We just bought renter's insurance for our grad school daughter. $500 deductible, I feel like it was $15K coverage and a couple other things like a small medical (if she gets hurt on the premises?) Literally the same as yours - $139 and some change. That was with a small discount for paying a year at a time. Allstate.
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  • akmom124akmom124 481 replies7 threadsRegistered User Member
    You may want to check with the insurance companies about whether the musical instruments will be covered under the general policy or need to be scheduled if there’s a limit on special items.
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  • NorthernMom61NorthernMom61 4153 replies29 threadsRegistered User Senior Member
    Our daughter and her boyfriend pay similar amount for renter’s insurance. My daughter has a separate musical instrument insurance policy.
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  • ProfessorPlum168ProfessorPlum168 3977 replies86 threadsRegistered User Senior Member
    If you go thru your normal insurance company, just keep in mind that for typical insurance, you really only get two claims total (for both regular house and dorm) and then consequences happens (like your policy gets cancelled or rates go way up or something like that). So you don't want to make a claim on something unless it's really worth it.
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  • 1214mom1214mom 4499 replies179 threadsRegistered User Senior Member
    Good thing about Gallagher (reply 1)is they cover accidental cell phone damage. I liked kids having separate insurance from our insurance. Their prices seemed reasonable to me, and I didn’t look hard for other options.
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  • KnowsstuffKnowsstuff 3927 replies16 threadsRegistered User Senior Member
    I would talk with your homeowners insurance for a cello worth that much first. You might need to get a rider for it. Whomever you go with tell them now the worth of the cello. Again, you might need to add a rider.
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  • psychmommapsychmomma 3027 replies45 threadsRegistered User Senior Member
    We did have one claim with Gallagher when my D’s bike was stolen. The claim process was fast and easy. I did choose them for the accidental damage coverage but luckily haven’t needed it for that yet.
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  • doschicosdoschicos 20833 replies216 threadsRegistered User Senior Member
    "Our daughter and her boyfriend pay similar amount for renter’s insurance."

    When living with someone but not married, do both people get their own renter's insurance or can they do it together?
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  • twoinanddonetwoinanddone 22636 replies15 threadsRegistered User Senior Member
    My daughter and her boyfriend bought their renter's insurance through their apartment management company. It's one policy for the apartment, so I assume both names are on the policy and it covers their belongings.
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  • happymomof1happymomof1 29570 replies172 threadsRegistered User Senior Member
    edited July 22
    Happykid's renter insurance through GEICO is something like $150 a year. She has a small discount for also having her car insurance with them.
    edited July 22
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  • Parentof2014gradParentof2014grad 959 replies12 threadsRegistered User Member
    My D just got an apartment. Her renters insurance is in that $10-15/month range, as were all the quotes she got.
    I recently priced instrument insurance for son’s cello and it costs about that much as well, but covers the cello anywhere. It was a little more specific than just renter’s insurance.
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  • sbjdorlosbjdorlo 4896 replies388 threadsRegistered User Senior Member
    We used to have Total Dollar when I was insuring two instruments (eldest son's violin was worth 15K) but when he took over insuring it, I just dropped it because I wasn't sure that 3k-4k for cello and supplies was worth a separate insurance. You think it is?
    So maybe I have to do renters+instrument?
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  • sbjdorlosbjdorlo 4896 replies388 threadsRegistered User Senior Member
    @Parentof2014grad, do you think you'll get the separate insurance for the cello? I need to call Total Dollar and ask what it would be. The cello hasn't been appraised in probably 6 years and the guy who sold it to us moved out of state and is retired so not sure I could get it appraised easily.
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  • MrThatcherMrThatcher 126 replies6 threadsRegistered User Junior Member
    As someone who has an extensive coverage policy due to high-value items being in my dorm room, here are my stats:

    Annual Premium: $143
    Personal Property: $10,000
    Personal Liability: $100,000
    Deductible: $250
    Replacement Cost: Included
    Medical Payments: $1,000
    Loss of Use: $2,000
    Property Damage to Others: $500 for all states except KS which is $750.

    I just straight copy and pasted that from the email sent by the insurance company. Hopefully it should help out.
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  • lookingforwardlookingforward 33421 replies363 threadsRegistered User Senior Member
    Our violin policy is a "rider" on our home insurance and it's in that 100-140 range. Like some expensive jewelery, fur coats, etc, yes, many policies require the separate listing. (D1 got insurance just for her engagement ring.)

    You just get the instrument re-appraised, if needed. I personally think 140 for a valuable instrument is worth it.
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  • sbjdorlosbjdorlo 4896 replies388 threadsRegistered User Senior Member
    Super helpful, all. Thank you so much!
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  • Parentof2014gradParentof2014grad 959 replies12 threadsRegistered User Member
    @sbjdorlo not sure if we will do separate insurance. Still considering it. He just got a new and more expensive instrument. He auditioned into college on a rental, albeit a nice one, that we had kept so long we owned it! We didn’t have separate insurance on that as it was only worth about $2000.
    We have had dorm insurance for our other kids which covered their possessions and even drops and spills for phones laptops. I don’t know if that’s sufficient to cover a musical instrument like S has now though.
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  • NorthernMom61NorthernMom61 4153 replies29 threadsRegistered User Senior Member
    Our daughter’s musical instrument insurance is through Anderson Musical Instrument Insurance Solutions. My daughter has a very expensive flute and travels with it often. It’s important that it is covered. This insurance even covers fee flute if she travels internationally with it.
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