I have lived in the same unit for over two years now. The management company emailed me yesterday asking me to update my renters insurance policy to name both the management company and the owner as named & additionally insured persons. The relevant portions or my lease are the following: **33. INSURANCE: Tenant's or guest's personal property and vehicles are not insured by Landlord, manager or, if applicable, HOA, against loss or damage due to fire, theft, vandalism, rain, water, criminal or negligent acts of others, or any other cause. Tenant is advised to carry Tenant's own insurance (renter's insurance) to protect Tenant from any such loss or damage. Tenant shall comply with any requirement imposed on Tenant by Landlord's insurer to avoid: (i) an increase in Landlord's insurance premium (or Tenant shall pay for the increase in premium); or (ii) loss of insurance. Notwithstanding the provisions of Section 33 of the Agreement, prior to Lease commencement Tenant shall purchase renters insurance to cover Tenants personal property and liability.
If you are renting, whether you're a college student living off campus, a recent graduate in the workforce living in your first apartment, or a family in an apartment or house, you will want to make sure that your property is properly protected. For college students, if you are living in housing on your college or university's campus, you are most likely covered through your parents' homeowners insurance policy. However, if you are living in private, off-campus housing, just like any other renter, you should seriously consider taking out a renter's insurance p olicy. Your landlord may require you to have renters' insurance, but not all do, and just because your landlord insures the space you rent does not mean that you are covered. Having a policy protects you and your property from damages, theft, and liability, based on the type of policy you have. If your apartment is broken into and you have belongings stolen, renters' insurance can help you replace them. It can also protect you from lawsuits if someone is injured or suffers property damage while on your property if you include liability insurance.
There's sections on special limits of personal property, prohibited use, property limitations, right to Inspect etc. I've been living in this studio for months and I'm just now getting around to trying to understand this legal Mumbo jumbo (yay adulting! ) The most expensive things i have here would definitely be my guns and ammo, some appliances, and my tools for work (half the time most of them are kept in rigid chests inside of my car trunk. ), and my furniture and tv. Should I have some kind of document or receipts of these things, if not MOST of my possessions? (I have most if not all of my gun and ammo receipts, but the tv and appliances are several years old). Also is there a section about my car that I should be looking at in renter's insurance, or is that really a different topic altogether? Any information from Informed ppl such as on this sub would be greatly appreciated. Adulting is hard, I'm no lawyer, and if you can point me to keywords that I can quickly turn to not only for this insurance period but for future insurance I may run into that'd be great!
Just like the title says, I just contacted USAA and they wired $500 to help me with the stuff in my fridge and freezer. We still don't have power, but at least I can look forward to replacing a few steaks. This thread is archived New comments cannot be posted and votes cannot be cast level 1 PSA: If your power goes out, DO NOT OPEN YOUR FRIDGE OR FREEZER. As long as you leave it alone, you're pretty much good for the overnight time it'll take to restore power. level 2 BUT HOW DO I KNOW IF THE FRIDGE IS ON OR OFF IF I DON'T OPEN THE DOOR TO CHECK THE LIGHT!? level 1 Insurance is best to be used for things you can't cover. If you file all these claims all the time watch your insurer raise your rates or cancel your policy. level 2 You mean I don't have to call them every time my car gets hail damage or covered in grackle shit, or attacked by that guy on the corner with a squeegee on a broomstick? /s Honestly, it makes me wonder how anyone can get away with having a $0 deductible and just call them every time a damn headlight goes out.
As others have alluded to, insurance is based on risk. If you make claims in general or for small stuff especially you are seen as a higher risk and it can affect your premiums down the road. At minimum double check that they coded this claim as power outage and nothing else. level 1 Is there a legal definition of "food". I had an envelope of five $100 dollar bills in my fridge that probably spoiled when they warmed up. level 2 Reminds me of the story of a guy who bought a bunch of expensive cigars and then smoked them and filed an insurance claim saying they were lost "in a series of small fires". The (fictional, I assume) story ends with the insurance company paying the claim, but then pushing for arson charges... level 1 Wow that's incredibly good to know level 1 Time to fire up the grill level 1 Thanks so much for the tip! level 2 You'll pay for the reimbursement eventually. Not worth it.
They can't drop you, they can decline to renew your policy and any insurance company that drops you simply because you made a single claim isn't worth dealing with. Your agent has no idea what their "algorithm" is. Your agent is guessing and perhaps their algorithm encourages your agent to discourage you from filing claims so your agent can get a bigger bonus. Buy insurance and file claims when you have a covered loss. It is how you live your life (careful/careless/responsible/irresponsible) plus a measure of random "luck" that determines your insurance rates over a long period of time, just not filing claims is paying for insurance you don't use. If you don't want to use your insurance for small losses then raise your deductible so only something more catastrophic would result in you filing a claim.