Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

Renters Insurance

FortKnox (169099) writes | more than 11 years ago

User Journal 12

Read this story (local story about UC students in a house fire).Read this story (local story about UC students in a house fire).

Moral of the story? Even in college, get RENTERS INSURANCE!
It isn't expensive, and it can be well worth it...

Sorry! There are no comments related to the filter you selected.

I got one... (1)

jawtheshark (198669) | more than 11 years ago | (#5863028)

... it was mandatory for the renting-contract I signed. (And since, my dad is my landlord I got a great deal *grin*) Anyways, what I don't understand is why it isn't mandatory. I mean, the RC (Résposabilité Civile - dunno the english term - and I use the abbrev because I worked for an insurance company) for cars is required by law. Driving without one is illegal (I know the US is different, but you get my drift). Why is something equally (if not more) important like the place you rent not mandatory to insure?

Re:I got one... (1)

insanecarbonbasedlif (623558) | more than 11 years ago | (#5863183)

The owners of apartments should already have insurance for the building. So they are not out any money for things like this. What gets lost is the renter's belongings, which is what renter's insurance covers (if I'm not completely confused on what it is. This is what it was at State Farm, my insurance company). So, the place you rent (is/should be) insured, but you can play the lottery with your possessions all you want. Many young people who rent are completely unaware renters insurance. And actually, the only reason I would get it would be for my guitars and my wife's jewelry... everything else can be replaced with the savings that would have gone to insurance. Sortof playing the lottery, but the odds are on my side.

Re:I got one... (1)

jawtheshark (198669) | more than 11 years ago | (#5863281)

Well laws might be a bit different here. I might want to ask my dad if he has insurance for the apartment. I don't know, and it's not the yearly 100Euro that I pay for insurance that is going to kill me. (If it's that much, I don't recall)

Anyways, I don't know for you, but belongings add up quite fast. Thinking of my computer stuff alone, I easily pass the 5000Euro markup. That is two months of salary for me! Then add furniture, and about anything you need and you fast gets above 20000Euro.

Finally, there is this nice other thing that renters insurance does. Imagine you put a flowerpot on your balcony. If that thing falls down on someone's head, that's renters insurance working for you. No savings on earth will help you in such a case.

Re:I got one... (0)

KMAPSRULE (639889) | more than 11 years ago | (#5863410)

everything else can be replaced with the savings that would have gone to insurance. Sortof playing the lottery

well I don't know about that, at prices like $76/year for $30,000.00 in coverage were not talking a lot of money spent on insurance. besides I have $10,000+ in computer equiptment alone not counting the furniture and it would take me years to replace what I've got as all free cash goes to those nice Student loans and Iv'e never had good luck in the lottery. And statistically speaking Every person, in the course of their lifetime, will witness or have happen to them a crime or disaster. Better safe than sorry :)

Re:I got one... (1)

mike_mgo (589966) | more than 11 years ago | (#5863217)

For a car there's a good chance that any accident you're involved in is going damage someone else's property. Auto insurance is there to gaurantee that you can cover the costs of this.

Renter's or homeowner's insurance is only to protect your own belongings. Some people may decide that the cost of their limited belongings can be easily replaced and don't need to be insured. This might be especially true for college students. Renter's insurance only covers your own belongings, not the apartment itself (the owners insurance does this.)

If you decide against the only person you're screwing is yourself. In fact the only reason most people are required to have homeowners insurance is because of the mortgage, the bank needs a saftey net. Of course, most people would have the insurance it anyway since the cost of replacement would be immense. If you're willing to take the risk, I don't see why the government should care whether you're insured or not.

PS. Of course this glosses over liability insurance (if someone falls down your steps) but I don't know if standards renters includes this anyway.

Re:I got one... (1)

jawtheshark (198669) | more than 11 years ago | (#5863338)

but I don't know if standards renters includes this anyway.

The standard not, but I took it. I'm not crazy. College students might indeed be a special case, but honestly: look at your own belongings. If I add mine up, I know I wouldn't be able to replace all that with new stuff.
I could check my contract (don't have it handy) here and tell you what's exactly covered.

Re:I got one... (1)

robi2106 (464558) | more than 11 years ago | (#5863679)

I would suggest it is different because you can't get drunk in your house and drive someplace and kill people or damage property that does not belong to you. That is the point of car insurance; to protect other people from you.

For renters insurance, it is assumed that your belongings cannot up and hurt other people and damage their property.

Renters insurance is for people that want to make sure that their property (excluding the apartment itself) are protected from other people (usually the cause of fires / damages) or from environmental damages.

robi

Re:I got one... (1)

jawtheshark (198669) | more than 11 years ago | (#5863820)

Uhm... Having worked in the insurance industry, I can tell you that getting drunk and driving is not covered by most insurances. Mostly they cover their butts with a limit in alcohol-blood. Passed that limit: you pay.

I know, my bro had a DUI accident recently (only a wrecked car and a damaged tunnel *grin*), and he was *just* below that limit. Above that limit, it's bye-bye insurance. The limit is pretty low by the way: double of legal blood-alcohol. Oh, and tunnel repairs are *expensive* ;-)

drink + drive (1)

robi2106 (464558) | more than 11 years ago | (#5865306)

Well I was more meaning that you carry insurance so that when you get in a wreck, other people have your insurance to soak up their repairs. I suppose throwing in an illegal activity is an exception.

Bad first analogy.

robi

Records (1)

robi2106 (464558) | more than 11 years ago | (#5863730)

Renters insurance isn't very usefull unless you have a record of your possiesions in the building. No insurrance company is going to hand out $$$ to replace the 4 machine render farm adn high end stereo components you claim to have if you cannot prove it. The best ways to do this are to either use up a few rolls of film and take pictures of each wall of each room, or to stroll through the place with a camcorder and mention each major item while doing so.

Now that is almost good enough, but you should keep the receipts for each major item you want insured as well.

Now that you have done all of the following, there is one step that makes it all worth while. Don't keep the pictures / tape / receipts in the house! What if it was destroyed by the same disaster that you hoped to claim against? Store the photos / tape / receipts in either a lock box or another equally secure location (work/parents/friends).

This should securely cover your rear in the case that someone else or mother nature tries to take advantage of your rear.

robi

Re:Records (1)

insanecarbonbasedlif (623558) | more than 11 years ago | (#5865842)

Renters insurance isn't very usefull unless you have a record of your possiesions in the building. No insurrance company is going to hand out $$$ to replace the 4 machine render farm adn high end stereo components you claim to have if you cannot prove it. The best ways to do this are to either use up a few rolls of film and take pictures of each wall of each room, or to stroll through the place with a camcorder and mention each major item while doing so.

Now, I've always wondered about this - what is to prevent you from "padding" your belongings with friends belongings just for the photos. I wouldn't do it, and I know it's insurance fraud, but they couldn't know whether you really got a $2100 PRS guitar as a gift from a friend if all the contents of the apartment were consumed in a fire. I guess I'm asking, what sort of confirmation does the insurance company do?

Re:Records (1)

robi2106 (464558) | more than 11 years ago | (#5885457)

Probably purchase receipts, bank statements. They probably won't ever pay you the price you ask for replacement of all legit nad registered / recorded items. I'd expect some sort of percent of the total I would give them.

robi
Check for New Comments
Slashdot Login

Need an Account?

Forgot your password?