Insurance

[jkim05]

thanks, clay. how do they determine how much to reimburse you for with renter's insurance. is it just whatever the amount covered was for?

 

[tobby4]

Yea I mean if you have a policy worth 50k then they will pay up to 50k in damages, if it turns out that you do not have that much stuff then they will pay up to the point of what you had and what you lost..

Most companies now pay replacement value on the lost goods.. which works better for the insured than book value.. so you get what the items are worth today, you will most likely have to provide them with a list of items lost or damaged during the catastrophic event in order to receive your payment..

 

[jkim05]

so would i have to submit receipts for purchases and stuff or just a list of what was lost?

 

[tobby4]

eh that depends on the values and type of goods.. most likely no.. you will just have to submit a list of what you had

 

[jkim05]

yeah, i don't own anything that would require appraisal so that's nice to hear.

 

[tuffy]

Renters insurance is usually pretty cheap. On this side of the country, a policy is usually around ~$100/year.

 

[tobby4]

mine is about 150, and then I have a listed rider for another 55 so I am a little over 200

 

[acaffey]

mine is about 150, and then I have a listed rider for another 55 so I am a little over 200

That's about where I am with State Farm. Oh, and I keep the $100k collection of smokes at one of my summer homes in the Hamptons. Gotta have one of those if you live in a 2 bedroom apartment.