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Advice personal property/renters insurance

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laz
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Advice personal property/renters insurance

Postby laz » Thu Oct 24, 2013 3:41 pm

Researching renters insurance with the main purpose being kiteboarding gear. Car two cars down got broke into where I live (chicago) so I feel it is a must to have my gear covered.

How does it work, with no receipts. I have never made insurance claim. Lets say for example a kiteboard is stolen, I bought board in cash years ago, is a photo sufficant? Do you then get market value of rebuying new, or do they not really pay full.

What companies are legit with paying out without trying to fight everything if anyone has had experiences? Will any even cover items that were bought in cash with just pictures as proof? Also renters insurance covers theft from vehicle they stated on phone, hearing from people not trying to sell insurance I feel is best way to get honest info.

donohu90
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Re: Advice personal property/renters insurance

Postby donohu90 » Thu Oct 24, 2013 5:30 pm

I had USAA renters insurance, which I used after Hurricane Sandy and they were easy to work with. Pictures were fine. They paid an adjusted value and if you replaced an item they paid you the replacement cost. The questions you're asking are probably going to decided by the details of your plan though. Good luck.

OBX Kiter
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Re: Advice personal property/renters insurance

Postby OBX Kiter » Thu Oct 24, 2013 5:42 pm

Do you leave your gear in your car? I have renters insurance because I'm currently renting an apartment, so if the apartment burns or someone breaks in and steals my stuff, it's all covered. Never heard of renters insurance for any other reason. If I had gear stolen from my car, my car insurance would cover it, not my renters insurance. Personal property insurance is an option, but I don't think it's worth it for depreciable items like kite gear…

Insurers I've dealt with except pictures, and your settlement will be based on the depreciated value.

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laz
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Re: Advice personal property/renters insurance

Postby laz » Thu Oct 24, 2013 6:23 pm

^ call your car insurance. Only property attached to car ex: radio in dash gps is covered by an auto policy, not gear inside car which is considered personal property and covered by homeowners/rental. This is what geico said on phone.

Cool I will check out usaa

OBX Kiter
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Re: Advice personal property/renters insurance

Postby OBX Kiter » Thu Oct 24, 2013 7:59 pm

laz wrote:^ call your car insurance. Only property attached to car ex: radio in dash gps is covered by an auto policy, not gear inside car which is considered personal property and covered by homeowners/rental. This is what geico said on phone.

Cool I will check out usaa


I don't have to call anybody, a buddy had his high end bicycle stolen from inside his car and it was covered under his car insurance. I checked my policy and it's the same. I guess it depends on the company and policy. We've both had USAA forever.

Cheers!

redman333
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Re: Advice personal property/renters insurance

Postby redman333 » Fri Oct 25, 2013 2:56 pm

My renters insurance covers anything i will carry with me from my place. I asked soecifically because i store my ipad in my vehicle sometimes and its a jeep wrangler soft too so not hard to get into. My auto insurance covers it also but its a $500 deductible where my renters i surance is only $250 so id use that. They will pay an adjusted amount based on depreciation of whatever item is stolen or damaged. I have USAA also and they said i dont need reciepts but its helpful to have them in case theres a question of value.

redman333
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Re: Advice personal property/renters insurance

Postby redman333 » Fri Oct 25, 2013 2:56 pm

My renters insurance covers anything i will carry with me from my place. I asked soecifically because i store my ipad in my vehicle sometimes and its a jeep wrangler soft too so not hard to get into. My auto insurance covers it also but its a $500 deductible where my renters i surance is only $250 so id use that. They will pay an adjusted amount based on depreciation of whatever item is stolen or damaged. I have USAA also and they said i dont need reciepts but its helpful to have them in case theres a question of value.

slightlyimperfect
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Re: Advice personal property/renters insurance

Postby slightlyimperfect » Fri Oct 25, 2013 3:14 pm

My house burned down and I lost everything including kite gear. My adjuster warned me that the kite gear may be classified as "watercraft" and capped at a total payout of $2k. (I would have faught that pretty hard if it happened, but it didn't.)

In the end I received 80% of the initial purchase price of everything. Even if I bought it used, I got 80% of new purchase price.

This is a little different because it was a total loss. On claims that aren't total losses, you will likely have to repurchase what was stolen and submit receipts for reimbursement.

thequest
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Re: Advice personal property/renters insurance

Postby thequest » Thu Oct 31, 2013 5:23 pm

OBX Kiter wrote:I don't have to call anybody, a buddy had his high end bicycle stolen from inside his car and it was covered under his car insurance. I checked my policy and it's the same. I guess it depends on the company and policy. We've both had USAA forever.

Cheers!


Thumbs up for USAA. I really thought that auto insurance doesn't cover the things inside your car so I included it on my renters insurance. Maybe it really depends on your provider. USAA is truly one of the best renters insurance in the US.


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