Moving into a new apt, going to get Renters Insurance?

Question

***how exactly does it work, i understand the basics but what if i do get robbed do they just hand over the check to me?? what if only some items get robbed??

***was it a hassle for you to file a claim?

***how long until you got the $$??

*********plz no smart a** answers.. thanks for taking the time to answer!

Answer 1

It covers your contents and some liability. Sit down and figure out how much "stuff" you have. 15K of contents coverage is usually 15 bucks a month or so. If you get robbed, call your agent and tell them what was stolen. Then they will mail or personally deliver a check to you (in about a week) for the amount of the items that were stolen.

Answer 2

Your insurance would be a lump sum amount depending on how much your items are worth. So if you say your stuff is worth 30K and your house burns down if the insurance company said it was a total loss you would get the 30K minus whatever deductable you chose, normally $500.

If you were just to get robbed you would file your police report and file a claim with the company and you would get back the value minus the deductable. So if they took $1000 worth of stuff and the deductable was $500 you'd get $500.

The claim process depends on the company most companies are usually fast and easy.

Answer 3

You file a police report, and list the stolen items.  Then you show proof of ownership (photos, receipts, etc).  Then they send you a check for depreciated value.  Then, if you have replacemetn cost coverage, after you replace them and send the receipt to the adjuster, they give you the difference between depreciated value and replacement cost.

It takes about 3-4 weeks.  

BUT.  If it's a new policy, and/or they suspect fraud, it can take a long, long time.

Answer 4

Every policy can be different, but generally you would have to have a deductible so that you don't make too small of claims for stupid stuff.  The deductible could be anywhere from $100 to as much as perhaps a $1000.  The higher the deductible, the lower the cost for the insurance.  You may have to have a police report attached to any claim unless you were a real long time customer.  These are all questions you ask the agent when you purchase the renters insurance.  It's generally thought of as a good idea to get renters insurance and it is not considered to be very expensive.

Answer 5

Renters insurance acts just like any other type of insurance, but it focuses on protecting you personal property vs the place you lives, which should be covered by the owner of your apartment.  If you had a loss (i.e. fire, stolen property) then the insurance company would compensate you.  Now, they will give you the CURRENT value of whatever you lost, not what it would cost to replace it.  Also, there is usually a deductible (usually $250-$1000) where you pay the first amount, and the insurance company covers the rest. So, they hand over a check minus your deductible.

How long your claim will take to be resolved depends on the company.  Some are more customer-service oriented and will get your claim done fast.  Others are going to try and limit your claim and the amount they pay, and will take a long time.

Be sure to make good records of your belongings (take pictures) and even keep receipts of major items you have purchased so you can prove what they are worth if you have to make a claim.

Answer 6

And  it only cost about 10-20 bucks a month so its def worth it. Ive never had to claim anything before either but its always a good thing to have, better safe than sorry

Answer 7

firstly, make a detailed list and take pics of anything valueable you own.

when you get tenants insurance, it covers your stuff not your apt.

never had to make a claim, so i cant help you there

call around and ask questions