GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Aug 20, 2019 14:52:40 GMT -5
andi9899 and Iggy aka IG and anyone else who wants to chime in: ODS' landlord requires him to carry renter's insurance in the amount of $100,000 for personal liability and $5,000 for medical coverage. ODS' apartment is in Maryland. Do you think those coverage amounts are sufficient for a typical college apartment scenario (friends coming and going, there will be drinking -- ODS and roommate are over 21 but younger lacrosse teammates will not be of legal drinking age, it's a 3rd floor walk up so some kid -- drunk or not -- could conceivably fall down the stairs, etc.)? And, yes, DH and I have homeowner's coverage, but in Massachusetts.
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mollyanna58
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Post by mollyanna58 on Aug 20, 2019 15:00:07 GMT -5
It doesn't cost that much more to go up to $500,000. liability. $5K medical is typically the maximum available for medical payments, although some companies offer more.
Renters insurance also covers his personal property; he needs to decide on a policy amount for it. It depends on how much stuff he has; $20K or whatever.
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andi9899
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Post by andi9899 on Aug 20, 2019 15:32:23 GMT -5
I always at least start at $300K, $500K is even better. The difference in premiums should be less than $50/year unless the rates are really high in your area.
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Iggy aka IG
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Post by Iggy aka IG on Aug 20, 2019 15:33:05 GMT -5
It doesn't cost that much more to go up to $500,000. liability. $5K medical is typically the maximum available for medical payments, although some companies offer more. Renters insurance also covers his personal property; he needs to decide on a policy amount for it. It depends on how much stuff he has; $20K or whatever. I was going to suggest at least $300,000 liability. Thank you for thinking of me.
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GRG a/k/a goldenrulegirl
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"How you win matters." Ender, Ender's Game
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Post by GRG a/k/a goldenrulegirl on Aug 20, 2019 15:36:27 GMT -5
It doesn't cost that much more to go up to $500,000. liability. $5K medical is typically the maximum available for medical payments, although some companies offer more. Renters insurance also covers his personal property; he needs to decide on a policy amount for it. It depends on how much stuff he has; $20K or whatever. Thanks!! I think I will bump the liability up. $100k seemed low to me which is why I posted. It’s no secret that college kids can be stupid and if $500k is not much more premium-wise it will bring a little peace of mind. And, yup, I forgot to mention that I was going to add personal property coverage. I don’t want to claim a lost or stolen laptop under my homeowner’s and risk a rate increase.
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GRG a/k/a goldenrulegirl
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"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
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Post by GRG a/k/a goldenrulegirl on Aug 20, 2019 15:37:56 GMT -5
Thank you, all!!! I love these boards!!
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andi9899
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Post by andi9899 on Aug 20, 2019 15:43:05 GMT -5
It doesn't cost that much more to go up to $500,000. liability. $5K medical is typically the maximum available for medical payments, although some companies offer more. Renters insurance also covers his personal property; he needs to decide on a policy amount for it. It depends on how much stuff he has; $20K or whatever. Thanks!! I think I will bump the liability up. $100k seemed low to me which is why I posted. It’s no secret that college kids can be stupid and if $500k is not much more premium-wise it will bring a little peace of mind. And, yup, I forgot to mention that I was going to add personal property coverage. I don’t want to claim a lost or stolen laptop under my homeowner’s and risk a rate increase. You'll want to ask about a personal articles policy for loose items like laptops that are valuable. They are stupid cheap and usually don't carry a deductible. I have one for my laptop and several thousand dollars in jewelry and I pay plan minimum of $50/year. When T1 spilled something on her laptop, they replaced it at no deductible and my homeowner's insurance doesn't know anything about it since it's a separate policy. ETA: The coverage under the PA policy is broader than the renter's policy. The property will be covered anywhere in the world. It has to be on premises to be covered under the renter's policy.
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jelloshots4all
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Post by jelloshots4all on Aug 20, 2019 18:42:22 GMT -5
My daughter and her 2 roommates each have $100K plus $10k each for personal property. I think it cost me $140 for the year. Their house is not worth $300k so I am okay with that. She is covered under my umbrella policy I think?
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Tennesseer
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Post by Tennesseer on Aug 20, 2019 20:45:17 GMT -5
I don't remember what I paid to have renter's insurance when I moved here and first rented an apartment before I got the lay of the land. In 1994, it was maybe $150 per year for coverage?
But it came in handy when my apartment was burglarized and all the electronics were stolen. The insurance company didn't bat an eye. The told me to go out and buy replacements and just send them the receipts. End of interaction.
I still have the same insurance company (State Farm) insuring my home.
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CCL
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Post by CCL on Aug 20, 2019 21:18:28 GMT -5
I agree with raising it.
When my kids got their apartments I was concerned that something might happen to the building like a fire or extensive water damage. That kind of stuff could cost a lot of money to fix.
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jelloshots4all
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Post by jelloshots4all on Aug 21, 2019 17:49:21 GMT -5
But the owner/landlord has to have insurance as well. So the property is double insured. Am I correct andi9899?
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Deleted
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Post by Deleted on Aug 22, 2019 8:05:15 GMT -5
But the owner/landlord has to have insurance as well. So the property is double insured. Am I correct andi9899? Not really. In my first job we had a clerk-typist (remember those?) who could barely make ends meet. She accidentally caused a fire in her apartment when some cooking oil flamed up. The landlord made a claim on his insurance but the insurance company went after her (the fancy word is "subrogated") because she was the one who caused the damage Unfortunately she hadn't bought insurance. Not sure what happened to her- I relocated soon after that.
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andi9899
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Post by andi9899 on Aug 22, 2019 9:13:36 GMT -5
But the owner/landlord has to have insurance as well. So the property is double insured. Am I correct andi9899? The landlord has insurance for the building, liability, and any personal property belonging to the landlord. It does not cover any personal property or liability for the renter. They would need to buy renters insurance to cover their stuff.
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andi9899
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Post by andi9899 on Aug 22, 2019 9:18:27 GMT -5
But the owner/landlord has to have insurance as well. So the property is double insured. Am I correct andi9899? Not really. In my first job we had a clerk-typist (remember those?) who could barely make ends meet. She accidentally caused a fire in her apartment when some cooking oil flamed up. The landlord made a claim on his insurance but the insurance company went after her (the fancy word is "subrogated") because she was the one who caused the damage Unfortunately she hadn't bought insurance. Not sure what happened to her- I relocated soon after that. That's how insurance works. The landlord had insurance for their building, liability, and personal property. They pay out the damage and then subrogate if there is someone whose negligence caused the loss. In this case, the renter. If the renter had insurance, their policy pays the landlord's insurance company back for the damages the negligence caused. If one doesn't have insurance, they come for you personally. This is why it's always easier to just pay the $100/year than to try to self insure when you are of limited means.
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