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#2
11-02-2007, 09:38 PM
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Re: Car Insurance Thread
[ QUOTE ]
Should I get renters insurance also? I always imagined this was a scam. [/ QUOTE ] Renter's insurance is very cheap (less than $100 a year), and basically will replace all your belongings in case of theft/fire. Also, most companies give you a discount if you combine your renter's insurance with your auto insurance, and the resulting discount makes it almost free. 
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#3
11-03-2007, 11:00 AM
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Re: Car Insurance Thread
[ QUOTE ]
Renter's insurance is very cheap (less than $100 a year), and basically will replace all your belongings in case of burglary/fire. [/ QUOTE ] Sorry to be "that" poster, but it's an important difference when you're talking about renter's insurance. Unlike most homeowner's policies, most renter's policies do not cover simple theft. When a person steals something from you without breaking into your home it is considered theft as opposed to burglary. Most common occurrences are when you invite someone into your house (which includes large parties where you may not know everyone in attendence, but they have your consent to be there) or when you leave your doors/windows unlocked. There is a lot of potential for fraud in renter's insurance, so most companies require evidence of forcible entry before they will pay out a claim. A good renter's policy is a must, in my opinion, and as others have mentioned, it is very very cheap. Most people underestimate the value of what they own. They think: "Well, I have a big TV for a couple grand and my computer and some pots and pans. If I lost everything I could replace it for less than 5,000 dollars." When you have a fire (which for apartment dwellers is always a greater possibility because you don't have control over what the idiot next door does) you may have to replace everything: towels, shirts, socks, toilet brush, trash cans, sheets, bedspreads, mattresses, shoes, wallet, watch, dishes, silverware, spices, etc. Stroll through Bed, Bath, and Beyond, or even Wal-Mart, and think about purchasing a new one (even the cheapest you can) of everything you have in your home. It adds up really quickly. And that's before you get to electronics. Also, a renter's policy will often pay for you to stay somewhere else, which most people will be surprised to learn their landlord is usually not responsible for. The Red Cross will give you a few days worth of vouchers at the local Best Western and then you are on your own. Perhaps even more important, the liability portion of the policy also protects your net worth (and bankroll) in the event that YOU are the idiot next door and you leave your stove on and your landlord's insurance company decides to sue you. Edit: It is very important that you shop for "replacement cost" coverage for your personal belongings. "Actual cash value" coverage is virtually worthless.
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#5
11-03-2007, 06:18 AM
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Re: Car Insurance Thread
[ QUOTE ]
Should I get renters insurance also? I always imagined this was a scam. [/ QUOTE ] Normally I'd say no unless it is required as a condition of your rental agreement. It really isn't that big of a decision though as you are looking at under $300 a year. If you have any jewellery or watches of great then $8-10k then you should get insurance and have a rider added to cover that item specifically. That way even if you lose the item outside the home it is covered.
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#9
10-31-2007, 10:44 PM
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Re: Car Insurance Thread
Just switched insurance companies because I just got married so I'll just paste the email my insurance guy sent me.
$532 per 6 months, for both my car 1996 Eagle Vision and my wife's car 1996 Honda Civic. We are both 22 with clean records. Liability - Bodily Injury Per Person $250,000 Liability - Bodily Injury Per Occurrence $500,000 Liability - Property Damage Per Occurrence $100,000 Medical Expense Per Person $10,000 Uninsured/Underinsured Motorists - Bodily Injury Per Person $250,000 Uninsured/Underinsured Motorists - Bodily Injury Per Accident $250,000 Physical Damage - Collision Deductible $250 Physical Damage - Comprehensive Deductible $100 Towing & Labor Limit $50
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