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Journal FortKnox's Journal: Renters Insurance 12

Journal by FortKnox
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...
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Renters Insurance More

Renters Insurance

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  • ... 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 ma
    • 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
      • 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

    • 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 o

      • 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.

    • 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 fire
      • 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* ;-)

        • 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
  • 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
    • 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 p
      • 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

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