renter's insurance and jewelry!

[bright eyed]

hidee ho neighbors...

ok - 2 dilemmas - related.

We are looking for renter's insurance - used to have coverage from AAA but they are expensive so didn't renew - any recommendations? i expect it will be about $200 or so a year... i'm open to hearing thoughts on renters insurance at all - but the house i am living in now actually burned down a few years ago from some wiring problem and my aunt lost everything, so it seems like a good idea for now - nothing super duper nice in terms of furniture - probably all worth about 25,000 including clothes, etc.

Also was considering a rider on my diamond ring - cost of ring about $12k ($8k diamond, $4k band), not sure what it will appraise at - i suspect around $15k+ - but AAA quoted about $200 year for the rider which is higher then other people i know and now i am doubting if i want the rider at all.. if there is damage i can pay for it to be repaired outright - if it is lost - i would be terribly sad - but trying to weigh if the insurance is worth it....is it better to save the $ and just invest or play it safe?

 

[Empty Pockets]

Get some. Have them quote a $500 & $1,000 deductible.

For $25,000 on your personal property, it should be around $150 a year. Make sure you choose the "Replacement Value" option. This means the insurer pays you new price for the items when you replace them, right up to the amount of coverage you have. Keep this in mind when you pick the limit of coverage.

Renter's Policies also include personal liability coverage, this is something everyone should have.

You should be able to add jewelry right onto your policy on a rider. I checked my policy and it costs $8 per $1,000 of coverage. "All-Risk" with no deductible. I realize the insurer has the option to replace it with a replacement if it is cheaper for them to do that, but so what ? I'd want it back anyway. If I can insure I can replace the wife's $4,000 ring for $32 a year I'll do it.

I'd call some independent agents in the area and have them check with all their companies to see who can do the best for your particular situation. Otherwise, I think State Farm is usually going to be a competitive player too.

I have a friend who is a jeweler and he says that no company pays better on jewelry claims than Chubb.

 

[bright eyed]

thanks for the info EP,

i heard chubb is double what your renters/homeowners will cost because they will cut you a check to replace the ring vs others who will send you to their jeweler or retailer to have it fixed/replaced...

still looking around for quotes!

thanks!!

 

[WM]

The rule that I've always heard is that insurance is for something that you can't afford to replace if it gets lost.

So we always had renters insurance, even though we never had much stuff either - still more than we could afford to replace. We went through USAA, which is great if you have access to them.

We had a rider on my engagement ring for a while, but then I realized that if I lost it I wouldn't replace it with a similar one, so we no longer insure it. I would be sad if it were lost, but to me a new ring would just be a new ring. I'm not much of a jewelry person, though

 

[Khan]

Renter's insurance also protects you if you or a guest cause damage to the rental; or if a guest is injured in your rental.