Question about renter's insurance....

['Chair]

If I went to Geico (online) and signed up for renter's insurance policy...does that cover my roommates as well? Maybe there is something were you specify how many ppl you want covered but I didnt' see one.

Had a scare a few months ago when dirty AC vent cause flooding in laundry room and there have been 3 break-ins since the start of october in our complex (chalking that up to christmas time crime increase). We are not ballers, but we have some pretty nice [censored] and wouldn't want to lose any of it.

Do I need to opt for extra 'computer coverage' (i think I saw that listed somewhere) since we've got about 6-7k in computers/laptops...or is that a sucker's option?

[econophile]

no doesn't usually cover your roommates

[Anacardo]

They do have some pretty nice [censored]. PM me for details / possible open windows / easy ways to baffle AEKDBet.

HINT: Las_r P_int_r

[nyc999]

It won't cover your roommates unless you're related.

Regarding the computer option, the answer is "it depends". I had a $10K policy, but it specifically put a 2K cap on electronics. Check the policy, it may be worth it.

[JCool]

You dont take out renters insurance for particular items. Usually you estimate the total replacemetn cost of all your personal property and then buy a policy for that amount.

No, you can only take out an insurance policy for your own property. and WTF? Why can't your roommates just get their own policies?

[Fast Food Knight]

[ QUOTE ]
No, you can only take out an insurance policy for your own property. and WTF? Why can't your roommates just get their own policies?

[/ QUOTE ]

Relax, dude. No one said his roommates refused to get their own.

['Chair]

[ QUOTE ]
You dont take out renters insurance for particular items. Usually you estimate the total replacemetn cost of all your personal property and then buy a policy for that amount.

[/ QUOTE ]
I understand this. I was asking about the computer part b/c I noticed an addon for computer stuff which led me to believe that there was a cap on certain value of items that can be claimed. Other addons included 'furs and jewelry' and 'flooding from drain backup (or something like that)'. Guess I will just read the fine print and make sure the computers are covered'ish.


[ QUOTE ]
No, you can only take out an insurance policy for your own property. and WTF? Why can't your roommates just get their own policies?

[/ QUOTE ]

primarily cost savings. also because what's the point in everyone getting a policy when a major part is structural and some liability. There is no need for triple coverage.

so now that we know it doesn't cover my roommates, is there a cheaper version for them to get that only covers their possesions since mine will cover my possesions and the structure stuff?

[cbloom]

Renter's insurance never covers the property per se, the owner presumably has insurance for that. It covers your posessions and also usually some liability of things that might happen while renting which you would be responsible for (eg. if your guest gets hurt or damages the place).

For example if there were a fire in a neighbors place which burnt down your unit, your renters insurance would cover your posessions, but not damage to the unit (the owner's policy would cover that).

[IggyWH]

When I got my auto policy, they asked me if I was interested in renter's insurance. I told them no because I didn't have receipts for anything. I was then told I didn't need receipts so I went with it.

It seems like this would be a high fraud insurance for such a low cost though, doesn't it? I got 8 grand for about $7 a month.

[nation]

Yea I pay about $20/month for renters insurance and it covers up to 20k in losses, but they never asked for an estimate on my stuff. I was a little worried if they would hassle me if something did happen; although I usually use my credit card on all these things, I never kept the receipts. It does seem like a high fraud issue. How do they get around that part?