Rental Insurance?

[DaRock]

I was wondering if any of you had this? I have an apartment and am looking to purchase rental insurance, but am totally in the dark about the price range and best company. I would like to choose a company that I enjoy, so I can add other types of insurances down the road.

Any help and experiences would be a time and mind saver! Thanks!

[G-Town]

I have State Farm, always liked them, except this year, they bumped up the price over 30 bucks this year, still not bad spread over annually.
I would check out your auto insurance company then it is a one stop shop.
I have a $300,000 liability policy with a $1000 deductible for NOW 152.00 a year, it is very cheap when you think about it.

[Leonard Washington]

i have it...get it. its EXTREMELY cheap (~$100/year tops) and will give you piece of mind in case of fire or theft. also, flood insurance is different and may be necessary depending on where you live. i would imagine its not that expensive either.

i'm insured through traveler's. i think i pay $60 a year. gtown's recommendation to check through your car insurance is a good idea. that's who lead me to travelers via gieco.

[DaRock]

Nice, I live right next to the lake, but am on the 2nd floor. So hopefully it never floods that badly. I guess it is like a trial and error kind of deal with who to insure with, my vehicle is a small business out of state, that would have no idea probably. I guess my choices are allstate,statefarm, etc. Also, yes for $100 avg. a year, that is definitely worth it.

Keep any experiences, advice coming, thanks again.

[Gallntfox]

Flood water from the lake would NOT be covered under a Renters policy. The water damage would have to come from inside the plumbing system of the building, i.e a burst pipe in your unit, a neighbors bathtub overflowing, etc. Or if there is a covered loss such as wind and there is resulting water damage you are covered..say wind blows your roof off of the building and wind driven rain comes in you would be covered. In certain situations you would have coverage for sewer and drain backup but check your policy. Water coming up from the ground, rainwater, rising lake etc, is not covered under a Renters policy. You would need separate Flood insurance underwritten through FEMA for that...and I would only recommend buying that if you live in a flood zone as determined by FEMA...you would probably already know if you did.

[DaRock]

Thanks Gallnt, that's some info. I will keep in mind.

[Kilmer17]

You dont need a flood policy. Im almost certain of that. But you ABSOLUTELY need "renters" insurance. The most important part is the personal liability. Make sure it is at LEAST 300 thousand. Why? Because when one of your moron friends get's drunk at your crib and drives home and hits a bus full of kids, YOU will get sued.

Other than that, just make sure you have enough contents coverage to replace your stuff if a fire breaks out.

Oh, and see if you can buy the theft deductible down to ZERO.

Cost shouldnt be more than 14-15 bucks a month, and should be cheaper if you buy your auto insurance through the same agent/company.

[rebornempowered]

My renters insurance covered my notebook even when it was stolen from my office.

It's worth the small price. Trust me!

[Gallntfox]

My renters insurance covered my notebook even when it was stolen from my office.

It's worth the small price. Trust me!

This is correct...your policy will cover your personal property while it is located anywhere in the world.

[Kilmer17]

This is correct...your policy will cover your personal property while it is located anywhere in the world.
This is not accurate.

It might not cover it outside of your home (policies vary), or the US, and can be limited int he amount for specific items and specific perils.

[gchwood]

If you have been in the armed services USAA is the best by far!!! $150,000 liability and full coverage of all my belongings, ~$85/year

[DaRock]

That's a good deal, and the armed forces deserves it. So, I guess I need to just decide which company to go with, my auto insurance is with a small independent company. It looks like I will definitely be getting the rental insurance, but just need to decide on a compnay that I can grow with and get other future coverage down the road, homeowner, etc.