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Frugal Renters Insurance



 
 
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  #1  
Old July 20th 17, 03:04 AM posted to misc.consumers.frugal-living
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Posts: 92
Default Frugal Renters Insurance

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!
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  #2  
Old July 20th 17, 03:12 AM posted to misc.consumers.frugal-living
Bob F
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Default Frugal Renters Insurance

On 7/19/2017 7:04 PM, 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.

  #6  
Old July 20th 17, 10:31 PM posted to misc.consumers.frugal-living
BigDog811
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Posts: 76
Default Frugal Renters Insurance

On Wednesday, July 19, 2017 at 10:04:43 PM UTC-4, 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.
  #7  
Old July 22nd 17, 06:42 AM posted to misc.consumers.frugal-living
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Posts: 92
Default Frugal Renters Insurance

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, 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.
  #8  
Old July 22nd 17, 02:50 PM posted to misc.consumers.frugal-living
BigDog811
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Posts: 76
Default Frugal Renters Insurance

On Saturday, July 22, 2017 at 1:42:25 AM UTC-4, 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, 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.

  #9  
Old July 22nd 17, 05:30 PM posted to misc.consumers.frugal-living
[email protected]
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Posts: 92
Default Frugal Renters Insurance

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, 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, 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.

  #10  
Old July 22nd 17, 07:38 PM posted to misc.consumers.frugal-living
John Weiss[_4_]
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Posts: 51
Default Frugal Renters Insurance

On 7/22/2017 09:30, 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.

 




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