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Stephanie Said:

Can I avoid Deductible on renters insurance?

We Answered:

I am a commercial broker and specialize in multi-family properties. Your renters insurance in no way would cover this claim and the manager is ludicrous for thinking it would.

As previously stated your renters insurance covers your personal belongings, not the structure or building. Also you are in no way liable for this so again it wouldn't be covered under the liability portion of your renters insurance.

This scenario is exactly why the owner of the apartment building has insurance. If they refuse to fix the damages on their end you may be entitled to legally withhold your rent but check with a qualified attorney first. The owner has a duty to provide a livable apartment unit and water damage leads to mold. So if they refuse to fix it then move out as soon as possible.

Sounds like this place might be trouble anyways.

Milton Said:

good insurance companies for renters insurance in Florida?

We Answered:

1. Your options are SEVERELY limited. Florida has the WORST homeowners (and renters) insurance market in the US. You are GOING to have to talk to a local agent, to see if ANYONE will write a renters policy on your stuff. "Shop around" is usually great advice - but anyone who's telling you that, clearly hasn't tried writing a new business policy in Florida for the past five years at LEAST.

1a. Read your Geico form. If you need wind and flood, those are SEPERATE policies. Your agent can guide you through getting those - unless you chose to work WITHOUT an agent, in which case, you won't have help with that. I'm guessing, that the Geico rate is NOT underwritten - and when you go to actually BUY that, you'll find that they aren't going to want to give you a policy after all.

2. Nah, too much work. Get a little video camera, and walk through your house opening all the cabinets. Record the serial numbers on the back of your big ticket items. Burn a cd and keep it off premises, or better yet, upload the video file to the internet where it can be safe "forever".

3. Replacement cost, means, like kind and quality WITHOUT depreciation for age or obsolescence. Again, you probably should use an AGENT, it won't cost you more, and they'll be able to explain in great details.

4. It's probably a bad idea. Theoretically, you're paying a lot for that lower deductible, and you're not going to WANT to file a small claim. Again, I don't have any idea HOW you got that quote, but I haven't seen a renters policy with a $100 deductible for under $300 - and most carriers won't go under $250.

5. You don't need receipts for everything, just reasonable proof of posession - see 2 above, with recording a tour of your stuff.

Ella Said:

What should I expect when taking out a contents/ renters insurance claim?

We Answered:

The main thing to expect with a claim for "thousands of dollars" of items being stolen from your vehicle is that the claim may be referred to the fraud department and put under a microscope. This sort of claim is a well know avenue for fraud so don't try to pad the claim or it could be denied in-whole if they find any misrepresentation. You don't have to have receipts for everything that was stolen but you may need to convince them that all this stuff was actually in the vehicle. Basically they'll be looking to see if your lifestyle corresponds with what was stolen. Be prepared to answer questions like: Where was the car? Do you own it? Are you current on the payments? (financial motive), Are you the only one with the keys? Is the stereo worth more than the car? Why do you think someone would want to steal your clothes? Problems with a friend or relative? Was there forced entry to the vehicle or was it unlocked? Do you always leave it unlocked? Does it have an alarm? Was the alarm set?

Don't be afraid to make a legitimate claim, just be prepared to answer a lot of questions about it. If it's legitimate you have nothing to be afraid of.

As far as coverage goes, the stereo is generally considered "part of the vehicle" if it is installed in an opening in the dash and would likely only be covered by a comprehensive policy on the vehicle. "Unattached" stereo equipment like kicker boxes, can go either way. Generally, personal property items are covered up-front as "actual cash value", (meaning essentially their yard-sale value), at the time the claim is paid, and the difference between this and the replacement cost is paid once you actually replace the items and submit receipts.

Different companies and different states determine what happens with your future premiums.

Julia Said:

suggestions for purchasing renters insurance?

We Answered:

Granted you do not have a lot of expensive items to replace, but consider this. If your home has a fire, flood or something that would ruin all of your personal items, it is hard to start over.

Look around your place and consider what it would cost to buy a new bed, TV, electronic equipment, dishes, furniture, sheets, towels etc. Think about the cost to replace all of these items and maybe surprised to find out it could be $10,000 to $20,000 to replace if they were destroyed forever.

We had a house fire in 1995 and our entire house had everything replaced and started over. I suggest you talk to a broker about choosing the right coverage for you. You might be able to replace everything in your place for $5,000 if totaled, but take an inventory of what you have and a guess of what you paid originally to see if that is not enough. Remember if you lose everything, would you have a bed to sleep on, dishes to cook your dinner, or clothes to wear pending getting them replaced.

good luck

Wade Said:

What deductible should I chose for renters insurance?

We Answered:

It's fine as long as you understand how much more it's going to cost in premium. I would run some numbers and see how much it would add up in 5 years if you went with a $250 or $500 versus a $100. If the money being saved by the larger deductible is not enough to justify it in your mind, go with the $100.

Kathryn Said:

Question about Home renters insurance policy?

We Answered:

The deductible is the amount out of your pocket, before the insurance kicks in.

If you can easily afford the higher deductible, you probably want to take it. If that higher deductible would present a serious hardship, if you had a claim, then you need to take the lower deductible with the more expensive insurance.

Another way to look at it, is the cost difference. If going from a $250 deductible to a $500 deductible saves you $50 a year, if you have one claim every 5 years, you "break even" on the higher deductible, and one claim LESS than every 5 years, you're ahead of the game.

But if going from a $500 to $1,000 deductible saves you $10, you only are "ahead of the game" if you file a claim once every 50 years ($500 difference in deductible divided by $10 a year savings). In that case, you probably want the lower deductible.