suggestions for purchasing renters insurance
g_1
I live in North Florida, near Jacksonville. I don't have any expensive
items at my home other than my laptop(worth about 900) and live alone.
Rest are just clothes, books, utensils.
I tried Geico and its yearly premium is 131 for choosing deductible as
100, personal property coverage as 5K and personal liability coverage as
50K. They don't have insurance for property worth 1500(which is what
total cost of all my belongings would be) and it claims that insurance
will reimburse you to buy a damaged product at present time. For
example, if my laptop whose worth was 900 when I purchased it and it
gets stolen(heaven forbid) after 3 years when its worth will be 400 or
less, Geico's insurance will pay me enough to buy a laptop worth 900
which i find hard to believe. It is called "Replacement Cost Coverage:
The replacement cost benefit provides coverage for the cost of replacing
a covered item without penalty for depreciation. Even if you've owned a
particular covered item for some time, with this benefit you'll be able
to replace it at today's market price. Item must be replaced prior to
receiving this benefit. "
Am i reading the policy correctly or are there some other caveats?
Anybody has experience with Geico for renters insurance? Any other
insurance providers i should look into?
h
"g_1" <g...@g.com> wrote in message
news:CDWDn.163500$y13.1...@newsfe12.iad...
>
> Anybody has experience with Geico for renters insurance? Any other
> insurance providers i should look into?
>
I haven't had renters insurance for more than 25 years, but you definitely
want replacement coverage. It really does mean that they will replace, at
current prices, whatever was insured. We had a pipe break in the ceiling
while we were away for the weekend, and the water ruined the tv, stereo, and
the computer and printer. The landlord repaired the damage, but it was the
renters insurance that replaced the electronics. That was back in the days
when a small color tv cost $500, a vcr cost $200 and our 5150 computer
set-up cost over $3k! And that's all in 1982 dollars!
g_1
have a car, TV or any stereo. All my clothes/ vessels would cost around
800. No furniture other than chair/table I bought for 85$(total) from
Walmart.
g_1
Since i have to account for the bed which costed me 425 so all my
belongings would cost around 2.5K or max 3K.
Rod Speed
> I live in North Florida, near Jacksonville. I don't have any expensive
> items at my home other than my laptop(worth about 900) and live alone.
> Rest are just clothes, books, utensils.
>
> I tried Geico and its yearly premium is 131 for choosing deductible as
> 100, personal property coverage as 5K and personal liability coverage
> as 50K. They don't have insurance for property worth 1500(which is
> what total cost of all my belongings would be) and it claims that
> insurance will reimburse you to buy a damaged product at present
> time. For example, if my laptop whose worth was 900 when I purchased
> it and it gets stolen(heaven forbid) after 3 years when its worth
> will be 400 or less, Geico's insurance will pay me enough to buy a
> laptop worth 900 which i find hard to believe.
That approach is pretty common now.
> It is called "Replacement Cost Coverage: The replacement cost benefit provides coverage for the cost of replacing a
> covered item without penalty for depreciation. Even if you've owned a particular covered item for some
> time, with this benefit you'll be able to replace it at today's
> market price. Item must be replaced prior to receiving this benefit. "
> Am i reading the policy correctly
Yes.
> or are there some other caveats?
Nope.
Bob F
Before you need it, make sure you documant your belongings and reciepts. Take
pictures, and store them offsite.