Frugal Renters Insurance

[Beaver...@live.com]

My march into adulthood at the age of 40 something continues.

I should probably get this. I really have no idea what to do.

Thanks!

[Bob F]

It's dirt cheap. Just check it out.

[ItsJoan NotJoann]

I agree. Renters insurance is quite cheap and assuming he has
a car and it's insured he should call his local agent. They
might also be in the business of home owners as well as renters
insurance.

[Beaver...@live.com]

I don't have a car.

[ItsJoan NotJoann]

I guess that means you will be spending your time on the phone
calling different agents in your area and asking if they sell
renters insurance. Have pen and paper handy to write down
their quotes.

[BigDog811]

Pretty straight forward. Most companies that offer homeowner's insurance also offer renter's policies. It's worth shopping around but you'll probably find the rates are consistent from one company to the next. Just make sure you're comparing apples to apples. Pay attention to:

a. Deductible - How much to you want to pay out of pocket in case of a loss. Lower deductible means higher premiums. Sometimes disproportionately higher.

b. Per claim limits - Most policies won't pay over a certain limit, even if you're totally wiped out.

c. Per item limits - Most policies won't pay over a certain amount for items like jewelry, clothing, electronics, firearms, etc. If own something in a limited category you want covered for more, you'll have to declare it, prove you own it, and it's value. Of course, the premium goes up.

d. Exclusions - Cash is usually excluded (you shouldn't keep more cash than you can afford to lose anyway). There will be others.

e. Cash value vs. replacement value - People get confused about these. Cash value is the depreciated value of the item. Depending on what it is, and how old it is, it may be worth nothing from an insurance stand point.

f. Liability - Most renter's policies, unlike homeowner's, don't cover liability for injuries and losses of other people's property in your home. That's one the reasons they're so cheap compared to homeowner's policies.

Read the actual policy. Don't rely on an agent to explain things to you. They're written in plain english and very easy to understand.

[Beaver...@live.com]

Thank you very much,

I am going to get on this for real early next week.

I really prefer to talk to someone in person. There is an insurance office a block away which is a good starting point.

And some of the questions the online quotes were hitting me with, like do you have a roommate? Well, yes but he won't be involved in the least.

Once upon a time it never meant too much because my most valuable possessions were things that are also completely irreplaceable.

But for the most part now if this place gets burned down, I need to have a roof over my head with a computer and back to work ASAP (I work from home on my PC).

Other things I am debating the utility of is a safe and safety deposit box.

[BigDog811]

No, you don't want a home safe. Anything that will give you the degree of security and fire protection to make them worth the bother are expensive as hell. A small heavy duty 1.5 to 2 cubic foot safe with a basic combination lock rated for 1 hour 1500 degree fire protection will cost you at least $1,000.00. And the sky's the limit from there. Anything that costs less is a waste of money, no matter what the manufacturer or other people tell you. At best, they only keep curious finger out of your stuff. They don't even slow down a real thief. And in case of a serious fire anything inside that's flammable will be ashes. You can pay rent on a safe deposit box for a decade or more for what a small safe worth having costs.

Safe deposit boxes are an entirely different matter. We've always had one, and consider it an essential living expense like groceries, utilities and transportation. If your bank or credit union doesn't have them you need to change to one that does. That's where you want to keep all of those critical documents you'll need to prove who you are these days. Birth certificates, Social Security cards, marriage license, military records (DD 214), passports, car titles, wills, insurance policies, etc, et al. Losing any or all of those items will cause you no end of trouble if you ever need them. That's also where we keep a number of silver and gold coins we own, as well as a very expensive piece of jewelry my wife inherited but doesn't like and doesn't wear, along with a few important mementos that have little intrinsic value but are irreplaceable.

[Beaver...@live.com]

On Saturday, July 22, 2017 at 6:50:18 AM UTC-7, BigDog811 wrote:
> On Saturday, July 22, 2017 at 1:42:25 AM UTC-4, Beaver...@live.com wrote:
> > On Thursday, July 20, 2017 at 2:31:15 PM UTC-7, BigDog811 wrote:
> > > On Wednesday, July 19, 2017 at 10:04:43 PM UTC-4, Beaver...@live.com wrote:
> > > > My march into adulthood at the age of 40 something continues.
> > > >
> > > > I should probably get this. I really have no idea what to do.
> > > >
> > > > Thanks!
> > >
> > > Pretty straight forward. Most companies that offer homeowner's insurance also offer renter's policies. It's worth shopping around but you'll probably find the rates are consistent from one company to the next. Just make sure you're comparing apples to apples. Pay attention to:
> > >
> > > a. Deductible - How much to you want to pay out of pocket in case of a loss. Lower deductible means higher premiums. Sometimes disproportionately higher.
> > >
> > > b. Per claim limits - Most policies won't pay over a certain limit, even if you're totally wiped out.
> > >
> > > c. Per item limits - Most policies won't pay over a certain amount for items like jewelry, clothing, electronics, firearms, etc. If own something in a limited category you want covered for more, you'll have to declare it, prove you own it, and it's value. Of course, the premium goes up.
> > >
> > > d. Exclusions - Cash is usually excluded (you shouldn't keep more cash than you can afford to lose anyway). There will be others.
> > >
> > > e. Cash value vs. replacement value - People get confused about these. Cash value is the depreciated value of the item. Depending on what it is, and how old it is, it may be worth nothing from an insurance stand point.
> > >
> > > f. Liability - Most renter's policies, unlike homeowner's, don't cover liability for injuries and losses of other people's property in your home. That's one the reasons they're so cheap compared to homeowner's policies.
> > >
> > > Read the actual policy. Don't rely on an agent to explain things to you. They're written in plain english and very easy to understand.
> >
> >
> > Thank you very much,
> >
> > I am going to get on this for real early next week.
> >
> > I really prefer to talk to someone in person. There is an insurance office a block away which is a good starting point.
> >
> > And some of the questions the online quotes were hitting me with, like do you have a roommate? Well, yes but he won't be involved in the least.
> >
> > Once upon a time it never meant too much because my most valuable possessions were things that are also completely irreplaceable.
> >
> > But for the most part now if this place gets burned down, I need to have a roof over my head with a computer and back to work ASAP (I work from home on my PC).
> >
> > Other things I am debating the utility of is a safe and safety deposit box.
>
> No, you don't want a home safe. Anything that will give you the degree of security and fire protection to make them worth the bother are expensive as hell. A small heavy duty 1.5 to 2 cubic foot safe with a basic combination lock rated for 1 hour 1500 degree fire protection will cost you at least $1,000.00. And the sky's the limit from there. Anything that costs less is a waste of money, no matter what the manufacturer or other people tell you. At best, they only keep curious finger out of your stuff. They don't even slow down a real thief. And in case of a serious fire anything inside that's flammable will be ashes. You can pay rent on a safe deposit box for a decade or more for what a small safe worth having costs.
>

Wow, got it. Was thinking gun, credit cards, concert tickets etc. There are serious hoarder issues here so hiding cash isn't a problem. Just slip it in a CD case (CD's are no longer hot items for thieves). And I would lock it to the gorilla rack like my computer is (the kind of locks they have at public computers, outdoor tables etc).

> Safe deposit boxes are an entirely different matter. We've always had one, and consider it an essential living expense like groceries, utilities and transportation. If your bank or credit union doesn't have them you need to change to one that does. That's where you want to keep all of those critical documents you'll need to prove who you are these days. Birth certificates, Social Security cards, marriage license, military records (DD 214), passports, car titles, wills, insurance policies, etc, et al. Losing any or all of those items will cause you no end of trouble if you ever need them. That's also where we keep a number of silver and gold coins we own, as well as a very expensive piece of jewelry my wife inherited but doesn't like and doesn't wear, along with a few important mementos that have little intrinsic value but are irreplaceable.

I don't yet have a will. I know I should. I once had something rudimentary scribbled out.

In addition to birth certificate and SS, I really need a place to keep some account information and passwords in case anything happens to me, my business interests (which contain many expiring items that aren't always appropriately priced) can be preserved, otherwise tens of thousands of dollars are in danger of going up in smoke. Usually my attitude was I don't care, I will be dead but I worked too hard and took too many risks to get here to just light it all on fire.

[John Weiss]

On 7/22/2017 09:30, Beaver...@live.com wrote:
>>> Other things I am debating the utility of is a safe and safety deposit box.
>>
>> No, you don't want a home safe. Anything that will give you the degree of security and fire protection to make them worth the bother are expensive as hell. A small heavy duty 1.5 to 2 cubic foot safe with a basic combination lock rated for 1 hour 1500 degree fire protection will cost you at least $1,000.00. And the sky's the limit from there. Anything that costs less is a waste of money, no matter what the manufacturer or other people tell you. At best, they only keep curious finger out of your stuff. They don't even slow down a real thief. And in case of a serious fire anything inside that's flammable will be ashes. You can pay rent on a safe deposit box for a decade or more for what a small safe worth having costs.
>
> Wow, got it. Was thinking gun, credit cards, concert tickets etc. There are serious hoarder issues here so hiding cash isn't a problem. Just slip it in a CD case (CD's are no longer hot items for thieves). And I would lock it to the gorilla rack like my computer is (the kind of locks they have at public computers, outdoor tables etc).

A safety deposit box is no place for a gun. it is also VERY
inconvenient for things you use often, such as credit cards.

Hopefully you have the gun locked away from your roommate, preferably in
a dedicated gun box ($100-200) bolted to a desk, dresser, or bed.
Another such box may be useful for your credit cards and other small
items (e.g., backup drive for your computer).

A home safe IS a good idea, regardless of what others may say. it WILL
stop the casual thief, and WILL give some protection from a brief fire
and subsequent water damage. After all, you now have NO protection, so
ANY protection is better!

You can get a 19 cu ft gun safe (good for several rifles plus a bunch of
other stuff) for $600 or so; smaller gun safes (too small for rifles)
may be a bit cheaper, but not much. You can bolt the safe to the wall
and/or floor from the inside, making it much more difficult for a thief
to take the entire safe.

[ItsJoan NotJoann]

On Saturday, July 22, 2017 at 12:42:25 AM UTC-5, Beaver...@live.com wrote:
>
> I am going to get on this for real early next week.
>
> I really prefer to talk to someone in person. There is an insurance office a block away which is a good starting point.
>

Unless you like spending all day running from office to office
why not just phone different agencies?

>
> And some of the questions the online quotes were hitting me with, like do you have a roommate? Well, yes but he won't be involved in the least.
>

He may not be on the lease but he is potential hazard. Does he
smoke? Is he careless with cooking and leaving burners on? If
you have a grill would be careless around it as well? That's
just a few of the reasons they want to know if there will be a
roommate.

>
> Other things I am debating the utility of is a safe and safety deposit box.
>

Why do you need a safe? The bank can provide you with a safety
deposit box.

[wilm...@gmail.com]

The Beaver,

"And some of the questions the online quotes were hitting me with, like do you have a roommate? Well, yes but he won't be involved in the least."

Roommates are always involved. More people in and out of the house, for one. I had a roommate who found out I had renters insurance. His car got broken into and he filed a claim with MY provider. A few weeks later he got broke into again... with more stuff. My credit rating took a ding.

[ItsJoan NotJoann]

Why didn't he file a claim with his auto insurance? So HIS
insurance wouldn't take a ding?

[BigDog811]

Because many (maybe most?) "full coverage" auto insurance policies exclude non-automotive contents. For example, if our your car is broken into and an installed stereo is taken it would covered. But the iPod you left in there to listen to on that stereo wouldn't be. Nor would a computer, camera, briefcase, tools (other than the jack, jumper cables, etc), the handful coins on the console, or anything else you carelessly left in there to attract a thief. Every policy I've ever owned has had that exclusion specified.

And of course, minimum liability policies have no casualty loss coverage anyway.

[BigDog811]

Yep, that's they way it works. Homeowners/renters policies cover the premises, all contents, and all occupants regardless of who's name is on the policy, lease, or paying the premiums. Something to consider before taking on a roommate or renting out a room.

Oh, by the way. Here's something that's even more important. If that roommate/renter stops paying you can't just change the locks and put their stuff out on the street. You have to go through a formal eviction process. That's always complicated, and depending on where you live can be expensive and time consuming.

[Beaver...@live.com]

I am probably going to pass on renter insurance.

[ItsJoan NotJoann]

On Friday, July 28, 2017 at 10:46:02 AM UTC-5, Beaver...@live.com wrote:
>
> I am probably going to pass on renter insurance.
>
>

Why?

[Beaver...@live.com]

I just want to protect my stuff and help me getting back on my feet in case of disaster. I don't want any drama or to give anyone a free ride on my back.

[ItsJoan NotJoann]

Well, your best bet then is to forego the roommate.

[Beaver...@live.com]

I wish it were that easy.

[ItsJoan NotJoann]

Ok, then make it a stipulation that roommate HAS to buy a renters
insurance policy. If there are any claims for anything he owns
he can turn it into HIS insurance company. You can buy your own
policy for anything you possess that might get damaged.

Renters insurance really is cheap and a wise investment.

[wilm...@gmail.com]

Good idea- requiring roommate to insure. Not only does it allow you to easily insure your home, but it would weed out undesirables. If an insurance company won't insure a renter because of too many fires, floods, or riff-raff making off with the silverware; then why would you want them?

[ItsJoan NotJoann]

On Monday, July 31, 2017 at 10:58:21 AM UTC-5, wilm...@gmail.com wrote:
>
> Good idea- requiring roommate to insure. Not only does it allow you to easily insure your home, but it would weed out undesirables. If an insurance company won't insure a renter because of too many fires, floods, or riff-raff making off with the silverware; then why would you want them?
>
>

That's the truth! And if they refuse to get their own renters policy
then you definitely don't want to be sharing living quarters with them.

[Beaver...@live.com]

This dude does extra work a few times a month. He can barely afford the bare necessities. But he doesn't mess with my stuff. Keep in mind we are each paying $500 where average rent now over $2000.

[ItsJoan NotJoann]

On Tuesday, August 1, 2017 at 1:52:18 AM UTC-5, Beaver...@live.com wrote:
>
> This dude does extra work a few times a month. He can barely afford the bare necessities. But he doesn't mess with my stuff. Keep in mind we are each paying $500 where average rent now over $2000.
>
>

What do you mean 'extra work a few times a month'? If he can't afford
to pay his renters insurance then he'll start having excuses of why
he can't pay his portion of the rent. Maybe he needs to live in a
homeless shelter if he's that strapped for cash.

"According to the Independent Insurance Agents & Brokers of America, the average cost of renters insurance is $12 per month for $30,000 of property coverage and $100,000 of liability coverage. Additional coverage options may be available for an additional expense depending on the insurance provider."

[Dennis]

On Sat, 29 Jul 2017 11:59:52 -0700 (PDT), ItsJoan NotJoann
<itsjoan...@webtv.net> wrote:

>Renters insurance really is cheap and a wise investment.

+1 on renter's insurance.

We used to own a small apartment building. One evening there was a
fire (caused by a cigarette dropped in a couch by a tenant's
boyfriend, it finally came out) that gutted one unit and caused smoke
and water damage on the rest. Fortunately no one was hurt. Our
landlord policy covered the damage to the building but, of course, did
not cover any damage to the tenant's possessions or provide money for
their accomodations while the building was repaired. We refunded
everyone's paid rent for the month and also paid for storage units for
tenant's stuff while the repairs were made, but that was all we could
manage.

Our insurance agent told us that they could have purchased renter's
insurance to cover their losses and expenses for about $15/month, but
no one had any insurance. Of course, these were the same people (all
single mothers on section 8) who complained that they couldn't afford
milk for their kids, but always seemed to have enough of money for
beer, cigarettes and cable TV.

Once all the repairs were made and everything was cleaned, shiny and
new, we decided it was a good time to sell. Never regretted it.

Dennis (evil)
--
I'm behind the eight ball, ahead of the curve, riding the wave,
dodging the bullet and pushing the envelope. -George Carlin

[Bob F]

Nice of you to make instant judgements on so9meone you have never met.

[wilm...@gmail.com]

I make that same instant judgement all the time- if you ain't got $0.40/day, you ain't getting the keys to my stuff.

[Beaver...@live.com]

Extra as in movie extra. This is that kinda town and this is originally his place. Whatever with the rent is between him and the landlord. I can't make him pay any additional bills and don't want him freeloading on my policy.

[ItsJoan NotJoann]

I'm making my judgement on what Beaver has told us. Someone who apparently
is strapped for cash on a regular basis. If he's this broke regularly, how
is he expected to make his part of the monthly rent if he lives on less
than a shoestring budget?

[ItsJoan NotJoann]

On Tuesday, August 1, 2017 at 6:27:58 PM UTC-5, Beaver...@live.com wrote:
>
> Extra as in movie extra. This is that kinda town and this is originally his place. Whatever with the rent is between him and the landlord. I can't make him pay any additional bills and don't want him freeloading on my policy.
>
>

Has he ever gone out and actively searched for a job that has steady pay
or is he hoping to be 'discovered'?

If whatever 'the rent is between him and the landlord' and he doesn't
pay his share, you'll BOTH be at the homeless shelter.

[ItsJoan NotJoann]

On Tuesday, August 1, 2017 at 6:11:21 PM UTC-5, wilm...@gmail.com wrote:
>
> I make that same instant judgement all the time- if you ain't got $0.40/day, you ain't getting the keys to my stuff.
>
>

^5!

[Beaver...@live.com]

We both the pay the landlord individually. I am happy to pay half, if he hits the skids I will pay everything if I have to.

[Beaver...@live.com]

It's a mystery to me too but I am in much better financial shape than when I moved into this mess. However it would not be advantageous to move out at this time. He's lived here over 20 years under the same circumstances.

[wilm...@gmail.com]

I did extra work. The more you or into it, the more you make. More calls you go on. The bigger the wardrobe. I knew people who'd make six figures as an extra.

Now you know, the problem isn't renters insurance, it's having a poverty stricken roomie. And your hopeless situation.

[Beaver...@live.com]

On Wednesday, August 2, 2017 at 7:52:43 AM UTC-7, wilm...@gmail.com wrote:
> I did extra work. The more you or into it, the more you make. More calls you go on. The bigger the wardrobe. I knew people who'd make six figures as an extra.
>
> Now you know, the problem isn't renters insurance, it's having a poverty stricken roomie. And your hopeless situation.

Not totally hopeless. Just a weird thing I am not sure how to deal with. I don't blame him for not wanting to work, I also have no intention of getting another job either. However I was able to figure put how to generate some decent income in spite it.

What worries me most about him is that when he finally flames out, he leaves his cats with me and I have to be the one to take them to the shelter.

As long as he can pay the rent he stays. I just don't want him freeloading on my policy. Not drinking, doing drugs or being a lowlife counts A LOT with me and was my biggest worry when I was forced into sharing housing.

[ItsJoan NotJoann]

It's your problem and you are perpetuating his laziness. Deal with it
as whatever we've suggested you reject it with some pitiful excuse for
him. He's around your neck, not ours.

[Beaver...@live.com]

Well, he is an adult and I can't force him to get a job. And it's technically his place (as he was here before me). Maybe I should talk to an agent down the street and figure it out. I don't have to tell my roommate about the policy.

Also if he moves out I am afraid he will take the refrigerator and stove. And the money I am making now feels so unreal I don't want to count on it being here forever so I would prefer to keep my honest roommate now then have to find another one further down the line.

[Beaver...@live.com]

I've been there.

That's the thing about poverty of spirit, it makes you dependent on numbing agents such as drugs, alcohol and especially cable television. Thank gawd my attention span is too fried for TV.

However any parent who truly loved their children wouldn't force them to drink milk.

Section 8 ruined the Antelope Valley in California.

[Beaver...@live.com]

On Tuesday, August 1, 2017 at 12:55:31 PM UTC-7, Dennis wrote:

I want to buy an apartment building.

[ItsJoan NotJoann]

On Saturday, January 20, 2018 at 5:22:28 PM UTC-6, Beaver...@live.com wrote:
>
> I want to buy an apartment building.
>
>

Give up and quit beating that dead horse.

[Beaver...@live.com]

You have a penis "Joan"

[ItsJoan NotJoann]

Nope and neither do you.

[Beaver...@live.com]

On Wednesday, July 19, 2017 at 7:17:44 PM UTC-7, Bob F wrote:
> On 7/19/2017 7:04 PM, Beaver...@live.com wrote:
> > My march into adulthood at the age of 40 something continues.
> >
> > I should probably get this. I really have no idea what to do.
> >
> > Thanks!
> >
>
> It's dirt cheap. Just check it out.

Well, that was easy.