Renter's Insurance

[Pags]

For all the new ensigns, whether you're headed to API, at API, or still stashed at your parent unit, make sure you get renter's insurance. It's pretty freaking cheap, and it can save your butt if a hurricane rolls through the area (again)trashing all of your stuff. You don't want to be the guy who buys $5000 worth of electronics only to have them be destroyed when a window breaks during a storm (or if the sprinklers kick on in your apartment). Just my .02.

 

[jpmizzou]

Renter's insurance is definately worth it. I just picked up a policy after commissioning through USAA. I have $115 premium so it works out to a little under $11 a month. Not to bad considering it covers about $15,000 worth of property. You're crazy not to get a policy

 

[gaijin6423]

Not only is it irresponsible NOT to have it, but many renters will insist on it in a lease. At least, they have where I've been renting.

 

[Kolja]

I'll put in another plug for USAA. They are all I've ever used for renter's insurance. They're easy to deal with, and the poicy is so affordable that you literally can't afford NOT to get one.

 

[The Chief]

...it covers about $15,000 worth of property. ...

Nor should you be underinsured. Take inventory, determine replacement cost. As I recall, a complete seabag costs about $6,000.

Only couple bucks more to take that up to $30,000.

 

[squeeze]

Nor should you be underinsured. Take inventory, determine replacement cost. As I recall, a complete seabag costs about $6,000.

Only couple bucks more to take that up to $30,000.

Bingo

I have $50,000 in coverage from USAA and it works out to $160/year. It's stupid not to carry enough for 100% replacement.

 

[snizo]

Corpus is actually cheaper than Pensacola - and I live on the island!

Don't forget to take you policy with you if you evacaute - and your lease. If you live on an island (Perdido, P'Cola Beach, Padre Island), those (should) help you get back on the island since access would be restricted after a storm.

 

[Fly Navy]

Yup, USAA renters insurance is great. You can get floaters on your policy to cover specific items such as jewelry, firearms, etc etc. If you haven't done it, do it.

 

[The Chief]

Don't forget to take you policy with you if you evacaute - and your lease..

Good point. Be prepared. Not only hurricanes, but fire and etc.

Keep a folder with all important papers in it. Make taking that folder with you as part of your evacuation plan, whether it be fire, hurricane, tornado, or what ever unexpected comes up.

 

[gregsivers]

I used the food spoilage part of my renter's insurance last year after Ivan, no deductible and it covered the Omaha Steaks in my freezer. I know so many people who don't have it, and for no good reason.

 

[Fly Navy]

Quick question actually... I need to retally my firearms to up my insurance... do you use MSRP, average retail, or what you paid for it?

 

[squeeze]

Quick question actually... I need to retally my firearms to up my insurance... do you use MSRP, average retail, or what you paid for it?

I figured new replacement value. That is, what it would cost me to buy new what is lost. Exempting of course, things like my Garand and Carbine. Those would obviously be impossible to buy new (save for some ridiculously expensive unissued rare find), so I figured fair market value for them.

It doesn't really matter to USAA, as you don't have to provide them with an itemized list or anything. I just make sure to keep one for myself, complete with serials, in a fireproof safe.

 

[The Chief]

Quick question actually... I need to retally my firearms to up my insurance... do you use MSRP, average retail, or what you paid for it?

Great question.

Here is a link to data that many insurance companies use: Also a great source of info on "what is my ..... worth"

http://www.usedprice.com/aspsite/chooselookup.asp?associateid=1256

What the insurance will pay depends on your policy. Actual value, will pay what is worth at time of loss. Replacement value: usually they pay you what it worth, then if you replace it, they will pay delta between actual value and what you paid to replace. TV set us good example. Very low actual value, high replacement value. I just lost in severe thunderstorm, a rickety fence around property. Had it replaced, filed a claim expecting couple thousand, to my surprise insurance (Liberty Mutual) paid $12,600, the entire replacement cost.

Think USAA has replacement value policies, GEICO actual value, just two example, but do not take my word for it, carefully read your policy.

Think cost basis has little relevance in insurance, but very important for IRS purposes.

Hope this helps, am only a PM away.

 

[WannaBEaP3gal]

Renter's insurance w/ USAA is great. I filed my food spoilage claim from this last hurricane on wednesday and got my check on saturday... I was on the phone w/ them for 5 minutes too. It really helped considering I bought a ton of groceries right before we knew a damn hurricane would probably hit here.

 

[phrogpilot73]

Just throwing my $.02 in... If you aren't with USAA for insurance and banking, and you're in the military - you're foolish. They are a spectacular company that are incredibly easy to work with, especially in insurance matters.

I used to have renter's insurance with them (I now have homeowners insurance) and an entire box disappeared during my move from Quantico to P-Cola. I detailed to USAA what was missing, and they replaced everything. What they couldn't replace, they cut me a check. Took about 10 minutes on the phone to file the claim. Great company!

I don't remember how much my coverage was, but talk to USAA. One level of coverage is replacement. That means they don't devalue for wear and tear. For example - your 10 year old 27" color TV gets destroyed during a move. You get a brand new 27" color TV. Period. I think it's their $30,000 plan. It was worth the extra money. I can't say enough good things about them...