PSA: Renters/home owners Insurance

numeria11

Just wanted to throw this out there.  Not sure if most of you have already done this but just wanted to remind everybody to make sure to think about checking how much they have insured for the contents of their home.  Since we have accumulated so much more stuff since we had DD I realized when I called our agent today to change our address that we are probably vastly undervalued on the contents of our house if we had to replace it all. 

As I sat here adding stuff up in my head I'm like yeah that's not even close to enough to replace everything.  It's kinda scary to think just how expensive it would be to replace all of our crap. 

rimjob

EllaHella:

Homeowners and Renters are different in this area of coverage. 

Homeowners- Depending on your policy, your content coverage is 50-70% of your dwelling coverage (cost of the actual house, not the buying price of house and land.)  So, if your dwelling is insured for $100k, your contents are covered for anywhere between 50-70k.

Renters- you typically choose the amount of $ you wish to cover for contents. 

Renters should also have a high liability coverage since they could be held responsible for damage to adjoining units.  Same with condos and townhomes.   

What she said.

numeria11

EllaHella:

Homeowners and Renters are different in this area of coverage. 

Homeowners- Depending on your policy, your content coverage is 50-70% of your dwelling coverage (cost of the actual house, not the buying price of house and land.)  So, if your dwelling is insured for $100k, your contents are covered for anywhere between 50-70k.

Renters- you typically choose the amount of $ you wish to cover for contents. 

Renters should also have a high liability coverage since they could be held responsible for damage to adjoining units.  Same with condos and townhomes.   

Interesting!  Thanks for the info, someday we might actually get to buy something so that will be good to know .  Thankfully we are going to be in a regular house at the next place so if we destroy something it's just us and the landlord nobody else's unit to worry about.