Renters Insurance - TravelPUNK Backpacker College Student Budget Travel Message Boards!



Go Back   TravelPUNK Backpacker College Student Budget Travel Message Boards! > Members Lounge > General Travel Tips, Education, Advice > Travel Budget, Money Matters, Financial Talk

Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

Raileurope.com: See Europe by train
Reply
 
Thread Tools Display Modes
Old 02-25-2006, 06:56 PM   #1
kingcrazylegs
***** gear guru
 
kingcrazylegs's Avatar
 
Join Date: Jul 2004
Location: Seattle, WA
Posts: 6,299
Thanks: 0
Thanked 1 Time in 1 Post
Send a message via ICQ to kingcrazylegs Send a message via AIM to kingcrazylegs Send a message via MSN to kingcrazylegs Send a message via Yahoo to kingcrazylegs
Default

So I am figuring that most of us rent the place that we live in. But, I'm also betting most don't have renters insurance. Am I right? I think most people don't even think about it; I know I didn't for years. Then I did relief work in Spain after a flood, and most of the renters lost everything and the owners insurance didn't cover a cent or the renters belongings.

The other thing people don't realise is that is is cheap to have renters insurance, but very expensive to replace everything you own. Beth and I don't have a lot of stuff, but we do have 2 laptops, all of our backpacking/camping gear (easily $2000 worth), personal effects and clothing. So we have $7000 worth of coverage on our renters insurance. So our basics look like this:

Personal Property - $7,000
Personal Liability - Each Occurrence $100,000
Medical Payments to Others - Each Person $1,000

And how much do we pay you may ask. A wopping $136 a year. Thats $11.35 a month. We spend more then that on lunch!

Anyhow...food for thought!
__________________

all that is not given is lost
kingcrazylegs is offline   Reply With Quote
Old 02-25-2006, 07:10 PM   #2
bluepea
TPunk Emeritus
 
Join Date: May 2004
Location: Indefinite.
Posts: 2,857
Thanks: 0
Thanked 0 Times in 0 Posts
Send a message via AIM to bluepea
Default

Ya know, I keep meaning to call our insurance company to add renter's insurance. As you said, it is soooo cheap and sometimes, your stuff isn't covered under your landlord's policy. We have a lot of valuable stuff to insure, like multiple desktops, two laptops, a few digi cameras, antique furniture, etc. I calculated how much it would cost to replace Jake's and my clothes and it was WELL into the four figures. I hate insurance normally, but for such a small price, it really seems worth it (must call tomorrow!).
__________________
~~ Jamie ~~
You give me the most gorgeous sleep That I've ever had And when it's really bad I guess it's not that bad




Have some general questions such as whether or not to get a rail pass or how much money you'll need? Visit here!

First time travelers/travelers with a lot of questions - this forum is for you![b]
bluepea is offline   Reply With Quote
Old 02-26-2006, 01:56 AM   #3
The Monsignor
Don't cut the red wire...
 
The Monsignor's Avatar
 
Join Date: Dec 2004
Location: Washington
Posts: 1,419
Thanks: 0
Thanked 1 Time in 1 Post
Send a message via MSN to The Monsignor Send a message via Yahoo to The Monsignor
Default

Yeah, my dad taught me that you get insurance in amounts that cover you for losses you can't afford. So, in essence, it pays to have a high deductable (like $500, or so) to lower the overall cost, but it definitely is a good thing to insure things that you simply cannot replace all at once...
__________________
"A bad carpenter always blames his tools!" - Grandpa Boris

Make war, not love! It's safer!


The Monsignor is offline   Reply With Quote
Old 02-26-2006, 03:18 AM   #4
omisan
Minister of Offense
 
omisan's Avatar
 
Join Date: Jun 2004
Location: San Fran Disco
Posts: 6,528
Thanks: 0
Thanked 0 Times in 0 Posts
Send a message via AIM to omisan Send a message via Yahoo to omisan
Default

Hrmmmm.. that reminds me, I really should get renter's insurance. I used to have it a looong looong time ago at $15/month, which is, sadly, less than I spend on coffee in a week. Time to look at the ol' priorities!
__________________
¿Donde esta Omid? Omi-san wa doko desuka? Ou est Omid? Wo ist Omid?

Find out @ http://omidabroad.blogspot.com

omisan is offline   Reply With Quote
Old 02-27-2006, 02:37 AM   #5
tumblezweedz
TPunk Emeritus
 
Join Date: Feb 2004
Posts: 2,112
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Oh please, please, please, if you don't have it yet, get it now! I used to work in the insurance field (as an adjuster (liability) and in the claims department of a brokerage firm) and you wouldn't believe the flukey kinds of things that can happen that can wipe out your stuff. Definitely opt for a higher deductible if you can afford it ($500 is usually a good one, but you can get higher for certain items/risks - like earthquake damage etc., and it really reduces your premiums considerably). Also, if you have something of tremendous value, such as jewelry or camera gear, etc you can get individual riders covering them at less of a deductible for just a few cents more. This is great if it's something you use for work for ex. (such as camera gear) that you'd have to replace immediately. And it also covers risks that general renters policies don't necessarily.

Words to the wise: ALWAYS get replacement cost coverage if you can possibly afford it. If you don't you'll only get paid a depreciated amount (so my 10 year old camera would only net me about $50, which is a fraction of the cost of a replacement) and the depreciated rates are pretty substantial (in some cases 15 - 20%/yr, so if it's 5 years old, it's not worth anything!) though they do change depending on the item involved.

Also, be sure to really read the policy and make sure it's comprehensive enough to cover the risks you're likely to face. If you live along the pacific coast, earthquake insurance is probably a reasonable thing to consider, though you might not need it if you live in the midwest. And you NEED FLOOD coverage. Even when we lived in the Mojave Desert we needed it, because our property was near a flood plain, and had there been a flash flood we could have suffered from the overflow. And water, as we all saw during the tsunami, is the most destructive force on earth. If you live in a low flood risk area, your premiums will be so low anyhow that it won't make much difference, and if you live in a higher risk area, well, duh.

Oh, and I don't work in the industry anymore, so I'm not trying to get a commission or anything!

tumblezweedz is offline   Reply With Quote
Old 02-27-2006, 08:46 AM   #6
elfmaiden
TPunk Emeritus
 
Join Date: Sep 2004
Location: Canada
Posts: 676
Thanks: 0
Thanked 0 Times in 0 Posts
Send a message via MSN to elfmaiden
Default

Yeah when I was in school my parents insurance had a renter policy for children living away from home.

The flood part?

Okay I lived in Peterborough before they had MAJOR flooding one year. It wasn't the river that got my basement appartment. My landlords washing machine went CRAZY and didn't stop pumping water into the machine. Of course they did their washing at night and I got woken up by my roomate running into my room in his UNDERWEAR freaking out. We had 3 inches of water and it was -30 outside....

So you never know what might happen...

Jenn
__________________
My igloo is melting...
elfmaiden is offline   Reply With Quote
Old 01-03-2011, 12:45 PM   #7
Hassie
 
Join Date: Dec 2010
Posts: 17
Thanks: 0
Thanked 0 Times in 0 Posts
Wink

oh man, that's such a good deal! Just wanted to let you know that because of these posts I started looking up renters insurance. Definitely going to get it now b/c it seems like such a good deal! Compare Renters Insurance Quotes - RentersInsurance.org has a lot of really informative articles that helped me out, so if anyone is still looking that might be a good place
Hassie is offline   Reply With Quote
Old 06-07-2011, 11:53 PM   #8
ankydas
 
Join Date: Jun 2011
Posts: 4
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Hi all,
Insurance is must for everyone and basically it must be affordable.
ankydas is offline   Reply With Quote
Old 05-23-2012, 04:49 AM   #9
maniladsouza
 
Join Date: Jan 2012
Location: uk
Posts: 21
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Travel Insurance is very beneficial for people who like and love to travel. It recovers you from any financial losses such as trip cancellation, passport loss and baggage loss etc. According to me it reduces the risks during your traveling and also gives you peace of mind.
----------------------------------
Annual Travel Insurance UK
maniladsouza is offline   Reply With Quote
Reply






Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
insurance safcsteve Australia/NZ/S Pac. 15 10-21-2010 06:44 AM
insurance d00d Health & Safety 2 07-02-2006 06:33 PM
insurance juls Travel Budget, Money Matters, Financial Talk 4 08-09-2005 10:28 PM
insurance? ED Larry General Travel Tips and Advice 6 08-01-2005 09:36 AM
Insurance Revoltos General Travel Tips and Advice 0 07-19-2004 05:10 PM


All times are GMT -7. The time now is 10:43 PM.



 

Search Engine Friendly URLs by vBSEO 3.2.0 (Unregistered)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121