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Jastiger posted:The whole "get in now when you're 20" thing stems from the idea that you'll eventually have those people depending on you, and it'd be better to have a locked in lower rate than waiting to take the plunge. Except for all those premiums that you'll being paying for no good reason while you have no dependents. Now, if you're fairly confident you will develop a serious illness between now and then, I guess it could be good. But how many people can be confident of that? sheri posted:Is there any reason we should be getting life insurance for a baby? I'm getting tons of poo poo in the mail about it and I'm not seeing the need... I don't see any reason to do so except maybe a small cheap plan to cover the rare and very sad possibility of needing funeral costs for an infant. That would only be a few thousand. Otherwise there is no good reason to speculate against the life of your child.
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Dec 27, 2013 02:03
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Magic Underwear posted:Are you sure you even need life insurance? You didn't mention any wife or kids or anything. If you are just a single dude there is really no reason to buy any life insurance. The biggest use of life insurance is to replace your income for people who rely on your income to live. I went through all the links on bogleheads found basically a single case where whole life truly makes sense and that is as an estate planning tool when your worth exceeds the gift limit (currently $5 million). You should buy term insurance as soon as you need it which is when you have dependents or real liabilities such as a house you want your spouse to keep. Other than this there is no real reason to buy any other life insurance. Insurance on kiss is just stupid.
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Dec 27, 2013 15:38
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That sounds reasonable. I get term life from work equal to my yearly salary but if I didn't I'd get a cheap term plan that was big enough to cover the private student loans my parents co-signed. I have a terrible opinion of whole life because my grandma got taken by one of those plans thinking it'd pay out for my brother and I when we were in our mid 20s now. She got it when we were born and I'm 28 now and the plan is worth like three hundred dollars or something stupid like that. I know some of you guys are experts but seriously, gently caress whole life insurance sellers, it might be a worthwhile expense for some people but those companies basically prey on parental worries and financial ignorance.
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Dec 27, 2013 16:08
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Magic Underwear posted:Except for all those premiums that you'll being paying for no good reason while you have no dependents. Now, if you're fairly confident you will develop a serious illness between now and then, I guess it could be good. But how many people can be confident of that? It isn't a waste if you end up saving money in the long term. If you plan on getting a whole life policy at ~$40 a month its better than being uninsurable (or too expensive to insure) at age 40 because of diabetes or some other thing. Becoming uninsurable is more common than you think, not to mention regular rate increases for fitness levels and stuff like that. For babies, yeah you can get the small accidental death policies for a few thousand. This is where the whole life could come in handy as well as it is something that can be turned over to them upon age 18 with guaranteed insurability. This, like the above example, can be quite handy if the child develops asthma or something that would skyrocket their rates. 100 HOGS AGREE posted:That sounds reasonable. I get term life from work equal to my yearly salary but if I didn't I'd get a cheap term plan that was big enough to cover the private student loans my parents co-signed. If she bought a policy that is only worth $300 by the time you're age 28 or some such then she got a shady plan and/or a variable policy that can lose value since its invested. I'm genuinely curious what kind of plan she got that has depreciated so much.
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Dec 28, 2013 09:56
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It didn't depreciate, the "investment" value of the whole life policy only started to accrue value when we were 18 and it was barely anything. I mean, it's still worth the original insurance value if I die but she bought this plan with the express intent of us getting some money without us, you know, being dead. It would have been better for her, return wise, to throw all those payments in a sack and give us a wad of moldy old cash when we were adults. Because 18 years of payments disappeared into the void with nothing to show for it.
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Dec 28, 2013 15:23
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100 HOGS AGREE posted:It didn't depreciate, the "investment" value of the whole life policy only started to accrue value when we were 18 and it was barely anything. I mean, it's still worth the original insurance value if I die but she bought this plan with the express intent of us getting some money without us, you know, being dead. Hmm so she only began to accrue cash value after you turned 18? That makes little sense, but I do know a lot of older plans that were like that. They're effectively term until you hit a milestone, then they begin to accrue value. The positive is that you have guaranteed life insurance as long as the premiums are paid. Yay! The downside is that these are often sold as investment vehicles when they really aren't. She bought insurance with option to gain cash after a milestone. You're right it isn't the best product to make money, but its not bad to insure young folk cheaply. If she had purchased a whole life right out of the gate, this would be a different discussion since from close to day one she'd be getting cash value. She bought something slightly different.
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Dec 28, 2013 18:45
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Jastiger posted:Hmm so she only began to accrue cash value after you turned 18? That makes little sense, but I do know a lot of older plans that were like that. They're effectively term until you hit a milestone, then they begin to accrue value. The positive is that you have guaranteed life insurance as long as the premiums are paid. Yay! The downside is that these are often sold as investment vehicles when they really aren't. She bought insurance with option to gain cash after a milestone. You're right it isn't the best product to make money, but its not bad to insure young folk cheaply. There were A LOT of companies that got in A LOT of trouble for pitching life insurance as an "investment". Sounds like she would have been better buying a X Pay policy that was paid up after 10, 15 or 20 years. It would still have minimal cash value but after the pay period you'd at least be free from making any more payments for life.
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Dec 30, 2013 22:12
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I dunno if this is the right place to ask but it's the only thread I can find about insurance so I'll give it a shot. I got an offer for a new job, hooray! It's my first job change so I keep wondering how health insurance works. The new job won't cover me until the first business day of the month following my first full month of employment. I need to check and see what happens to the health insurance at my current job. Apparently it either ends right when I quit oooooor it could possibly cover the whole calendar month containing my last day. If it's the former, I'll probably want to use COBRA somehow? I think? I'm still trying to figure this stuff out. Could someone just tell me what people typically do in either situation (full month of insurance vs. cut on day of resignation)?
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Jan 17, 2014 07:45
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HondaCivet posted:I dunno if this is the right place to ask but it's the only thread I can find about insurance so I'll give it a shot. I got an offer for a new job, hooray! It's my first job change so I keep wondering how health insurance works. The new job won't cover me until the first business day of the month following my first full month of employment. I need to check and see what happens to the health insurance at my current job. Apparently it either ends right when I quit oooooor it could possibly cover the whole calendar month containing my last day. If it's the former, I'll probably want to use COBRA somehow? I think? I'm still trying to figure this stuff out. Could someone just tell me what people typically do in either situation (full month of insurance vs. cut on day of resignation)? Insurance generally continues until the end of the month in which your employment terminates.
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Jan 17, 2014 08:02
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HondaCivet posted:I dunno if this is the right place to ask but it's the only thread I can find about insurance so I'll give it a shot. I got an offer for a new job, hooray! It's my first job change so I keep wondering how health insurance works. The new job won't cover me until the first business day of the month following my first full month of employment. I need to check and see what happens to the health insurance at my current job. Apparently it either ends right when I quit oooooor it could possibly cover the whole calendar month containing my last day. If it's the former, I'll probably want to use COBRA somehow? I think? I'm still trying to figure this stuff out. Could someone just tell me what people typically do in either situation (full month of insurance vs. cut on day of resignation)? Jizzer is right but I'd double check with your employer. Ask HR for the direct line to your insurance company if you don't have it and ask them.
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Jan 17, 2014 09:22
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The Jizzer posted:Insurance generally continues until the end of the month in which your employment terminates. OK then. Let's assume for a minute that this is the case . . . I was going to make my last day the 31st (a Friday) and start on the 3rd, but that'd leave me without insurance for a month right? So should I bump my resignation date by a couple days into February then? I feel dumb making my last day a Monday or Tuesday but the new job is really eager to have me start ASAP so I don't want to take a whole extra week either . . . Also I'm vaguely paranoid that my current company won't let me do that but I can't think of how they'd actually stop me barring firing me during my notice period or something. I don't know, maybe people do this all the time and I'm just being too anxious.
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Jan 17, 2014 09:36
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HondaCivet posted:OK then. Let's assume for a minute that this is the case . . . I was going to make my last day the 31st (a Friday) and start on the 3rd, but that'd leave me without insurance for a month right? So should I bump my resignation date by a couple days into February then? I feel dumb making my last day a Monday or Tuesday but the new job is really eager to have me start ASAP so I don't want to take a whole extra week either . . . Also I'm vaguely paranoid that my current company won't let me do that but I can't think of how they'd actually stop me barring firing me during my notice period or something. I don't know, maybe people do this all the time and I'm just being too anxious. Often what happens is the insurance lasts until the last day of the month you quit. Your case sounds rare indeed. I've seen situations where you would either have to use COBRA, purchase private insurance, or go without for a small period. This was all before a lot of the law changed though. I'd hit up your insurance company to find out.
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Jan 17, 2014 16:55
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Are you healthy? COBRA can be retroactively purchased for...63? days after you depart your employer. So keep enough money for the entirety of the premium, and don't buy until you need it. COBRA is drat spendy.
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Jan 17, 2014 16:57
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Just called HR, they said I get the whole month in which I quit. Going to talk to the people at the new job about it and see if they're ok bumping my start date back a little/confirm that I'm doing the right thing.
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Jan 17, 2014 18:43
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HondaCivet posted:Just called HR, they said I get the whole month in which I quit. Going to talk to the people at the new job about it and see if they're ok bumping my start date back a little/confirm that I'm doing the right thing.
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Jan 17, 2014 19:35
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SiGmA_X posted:That sounds highly unethical... Are you sick? Do you see the doctor a ton? If not, just stockpile more money in your emergency fund to pay for the COBRA premium in the event something catastrophic happens. Call the COBRA administrator to verify, and search on SABFC. This has come up in recent past. What's unethical about it? I'm not breaking any rules. And yes I have some appointments in February. Because of how the wait period is worded, my new benefits don't kick in until April.  So I'll need to figure out the COBRA stuff anyway.
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Jan 17, 2014 22:16
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HondaCivet posted:What's unethical about it? I'm not breaking any rules. And yes I have some appointments in February. Can you get insurance via your state marketplace? That's likely cheaper than COBRA. I forgot about that,
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Jan 19, 2014 00:05
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SiGmA_X posted:Bumping your start date back seems unethical in that you started on one day, and lying to your insurance company about that date. No, I'm actually making my last day at the old job the 3rd of February and I bumped my start date at the new place on the 5th. No lying required. I should look into that too, thanks for the reminder. I haven't actually paid much attention to how the Obamacare stuff works so I have a lot of catching up to do if I do that.
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Jan 19, 2014 04:33
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HondaCivet posted:No, I'm actually making my last day at the old job the 3rd of February and I bumped my start date at the new place on the 5th. No lying required.
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Jan 19, 2014 08:41
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I need to get renter's insurance soon so I'm shopping around right now. How come I can't get any estimates without putting in my SSN/DOB and all that other identifying information about me? What I really want is a website where I can say: "I'm 2X years old, single, and want to insure Y thousand dollars. How much is it gonna cost me?" What should I be watching out for? What should I look for? I know some of you are gonna say "call your car insurance company" but I don't have car insurance because I don't have a car. That actually leads into my next questions: 1) Can I legally drive my roommate's car? I'm not sure how car insurance works, like if the car is insured, or if the driver is insured. 2) Every once in a blue moon, I'll go and rent a car. I always decline everything they try to sell me because that's what I've been told to do. I pay with my Amex card, so I know I've got some kind of insurance through them. Is what I'm doing legal? Or do I need to actually accept and buy their add-on insurance? 3) Say I wanted to buy a beater car for light errands. I'd only drive it like once a month or once every two months. It seems really silly that I'd have to pay car insurance at a monthly rate with such low anticipated usage. Is there such thing as "pre-paid" card insurance that would suit me?
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Jan 24, 2014 02:13
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What kind of factors go into renter's insurance rates?
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Jan 24, 2014 03:34
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Boris Galerkin posted:I need to get renter's insurance soon so I'm shopping around right now. How come I can't get any estimates without putting in my SSN/DOB and all that other identifying information about me? What I really want is a website where I can say: "I'm 2X years old, single, and want to insure Y thousand dollars. How much is it gonna cost me?" What should I be watching out for? What should I look for? Because all the online quote systems want someone accountable for the quote requests. If you don't want to give up that info, call an agent. I recommend State Farm as their standalone renters' rates are absurdly low and they pay out on claims. Make sure that all of your belongings are covered under REPLACEMENT COST. Some companies issue as ACTUAL CASH VALUE which will screw you over if you lose anything with depreciable value. Make sure you account for ALL your belongings, including clothing, furniture, fixtures, computers, cameras, cell phone, your buttplug collection, etc. Anything collectible or of particularly high value (usu. over $2K should be "scheduled" with the insurer which costs extra. quote:I know some of you are gonna say "call your car insurance company" but I don't have car insurance because I don't have a car. That actually leads into my next questions: 1) Can I legally drive my roommate's car? I'm not sure how car insurance works, like if the car is insured, or if the driver is insured. 2) Every once in a blue moon, I'll go and rent a car. I always decline everything they try to sell me because that's what I've been told to do. I pay with my Amex card, so I know I've got some kind of insurance through them. Is what I'm doing legal? Or do I need to actually accept and buy their add-on insurance? 3) Say I wanted to buy a beater car for light errands. I'd only drive it like once a month or once every two months. It seems really silly that I'd have to pay car insurance at a monthly rate with such low anticipated usage. Is there such thing as "pre-paid" card insurance that would suit me? Yes, it's covered as "permissable use" assuming your roommate has this under his policy. If you rent a car and decline their insurance you DO NOT necessarily have full coverage. No, there's no such thing as pre-paid insurance but if you only drive a little bit per year and have liability only on your policy with minimum limits, it should be pretty cheap. The Jizzer fucked around with this message at 21:41 on Jan 24, 2014 |
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Jan 24, 2014 21:39
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Sperg Victorious posted:What kind of factors go into renter's insurance rates? 1. Where you live (location and building information -- i.e. if you are in a fire hazard death trap built in 1919 this may make insurance more difficult to procure) 2. Prior claims 3. Amount of insurance (liability and property) 4. Bundling with other coverages (i.e. auto) ...among other things.
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Jan 24, 2014 21:43
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The Jizzer posted:Because all the online quote systems want someone accountable for the quote requests. If you don't want to give up that info, call an agent. I recommend State Farm as their standalone renters' rates are absurdly low and they pay out on claims. Re: renter's insurance, thanks, I'll look into State Farms. Does the replacement costs means that they'll cover MSRP? How does this work in my taxes (is it considered "income")? What about my $120 jeans. If they were to burn down or get stolen? They're not gonna give me like $40 or less because that's what you can buy them for at walmart will they? e: I actually have an itemized list of every single thing I own that I just made recently. I mean everything I own fits into 2 rolling luggages right now so it's not hard… and this has MSRP/model number and all that other information just for fun. If someone were to break in and steal my stuff, I would expect to email them this list with pictures and would be great to get the full MSRP value back.
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Jan 25, 2014 01:01
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MSRP is not replacement cost. There's really no magic to it. If you lost a pair of Diesel jeans that you paid $120 for at Macy's, they will try to find the closest matching jeans available today. They will likely literally look on Macy's website for those jeans. So the more detail you provide describing the items and where you bought them, the more accurate it will be when searching for replacement. When I deal with these claims, we use a company that researches prices for us and part of what we send the policyholder is a list of items, the price we found them for, and where they were found(Amazon, Best Buy, etc). As for taxes, I have no idea. About the rental company and getting insurance, I'm surprised they don't ask you for any proof of insurance. I can't remember if they ever ask me either but when I deal with a claim and provide a rental, the renter must have their own insurance already or we have to pay for the damage waivers. Insurance always follows the vehicle, except with a rental. Then is usually follows the driver, even if the driver is different form the renter but we won't go down that rabbit hole. Your Amex might be helping because I do know there are some platinum cards that do provide full coverage if their cardholder is in a collision. They will actually pay before the insurance pays. Its rare though.
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Jan 25, 2014 02:47
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Boris Galerkin posted:I need to get renter's insurance soon so I'm shopping around right now. How come I can't get any estimates without putting in my SSN/DOB and all that other identifying information about me? What I really want is a website where I can say: "I'm 2X years old, single, and want to insure Y thousand dollars. How much is it gonna cost me?" What should I be watching out for? What should I look for? Well this actually sounds like kind of a cluster. Lets go over some stuff here. As mentioned below, using an SSN is the best way to get the best rate. Most good insurance companies will use your social and personal information to run a history check on you to give you a good rate. If you're dealing with the big insurance companies, you're better off quoting out with all the info and getting an accurate quote. Insurance is one of those things where if you try to fly under the radar and not do things "properly" you will end up with sub-par insurance and often pay more than you should otherwise be paying. Why don't you want to get a serious quote? Car Insurance: Most standard auto insurance companies will want EVERY PERSON IN THE HOUSEHOLD accounted for in policies. Your roommate runs the risk of having his policy canceled if you have regular access to the vehicle and he doesn't notify them. This is bad for him AND you. There is absolutely permissive use, but this sounds more like there are two drivers driving semi-regular instead of once in a month driving. I know any insurance company I dealt with would require you to either sign off as an excluded non-driver or rate you on his policy. When we look at the rental thing, you want to read your AMEX policy very carefully. The limits are often lower than what a typical insurance claim would require and doesn't cover all aspects. Often, it'll just cover the liability you have to the rental company, not damage to property or liability claims against you in the event of an at fault accident. Read that fine print. For the beater car, no there isn't any "pre paid" insurance. If you're on the road in the states, they require minimum financial responsibility in the form of insurance for all drivers. Its part of the deal to drive. Honestly if you're concerned about it, this might be a good opportunity to hop on your room mates policy. A lot of places will give you a household deal if its two cars with two drivers, and it really may not be that expensive at all to do it the right way.
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Jan 25, 2014 06:33
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Jastiger posted:Well this actually sounds like kind of a cluster. Lets go over some stuff here. It's just that when I google for "renter's insurance" or "[my city] renter's insurance" I get a ton of hits. Some of the hits are the big companies like Progressive, and some are smaller ones or local ones that I've never heard of. First of all, there's the tedium of having to type or paste in my SSN and all details about me over and over and over again. Second of all (and most important of all), from a privacy standpoint I don't want to give all of these companies my SSN and identifying information. I'd like to get a general range first so I can shortlist the ones that I want to investigate further, and for those ones I understand they'll need identifying information in order to give be a more accurate quote. Insurance shopping like this is a huge clusterfuck and completely unintuitive and unuserfriendly for my generation of people who are used to aggregating websites like Kayak where we can compare and browse to our hearts content pseudo anonymously. Jastiger posted:Car Insurance: Most standard auto insurance companies will want EVERY PERSON IN THE HOUSEHOLD accounted for in policies. Your roommate runs the risk of having his policy canceled if you have regular access to the vehicle and he doesn't notify them. This is bad for him AND you. There is absolutely permissive use, but this sounds more like there are two drivers driving semi-regular instead of once in a month driving. I know any insurance company I dealt with would require you to either sign off as an excluded non-driver or rate you on his policy. That's weird. Hypothetically speaking, I have a car and a house; I post on CL to get a roommate for the spare room and if I want to do it right then I need to have him/her sign paperwork from my car insurance company saying that he/she isn't going to drive my car?
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Jan 25, 2014 16:34
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Jastiger posted:For the beater car, no there isn't any "pre paid" insurance. If you're on the road in the states, they require minimum financial responsibility in the form of insurance for all drivers. Its part of the deal to drive. Honestly if you're concerned about it, this might be a good opportunity to hop on your room mates policy. A lot of places will give you a household deal if its two cars with two drivers, and it really may not be that expensive at all to do it the right way. We also save roughly half our premium monies for renters, as we paid $115/ea for 15k personal property coverage and 100k liability coverage, and $130/combined for 100k liability and 30k property. Being every non related resident needs to be on a policy (in most states at least) you and your roommate could look into a joint renters policy to save money. Same goes for homeowners - in most cases homeowner can add a roommate onto their policy at a much more affordable rate, and it also protects you as everyone needs to be named (usually). State Farm was the cheapest, by a long shot. Regarding taxes on insurance property payments, your tax liability is for the profit you receive. If you get $100 from the insurance company for your Jeans and pay $80 for your replacement Jeans, you claim $20 as income. I forget how you file taxes for this, google could help answer that. E: Also, if you get a renters policy quote from any of the major companies, it's going to be within maybe 20% of any other company. I was quoted $115-155 from State Farm, Progressive, Farmers, Allstate, and I think one other... I don't see your aversion with giving the companies your info, how else do you think you can get an accurate range of prices? Call a local independent agent, give them your info, and then they can quote you for every company. They will give your info to every company they quote you with, of course. SiGmA_X fucked around with this message at 00:02 on Jan 26, 2014 |
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Jan 25, 2014 23:56
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Boris Galerkin posted:It's just that when I google for "renter's insurance" or "[my city] renter's insurance" I get a ton of hits. Some of the hits are the big companies like Progressive, and some are smaller ones or local ones that I've never heard of. First of all, there's the tedium of having to type or paste in my SSN and all details about me over and over and over again. Second of all (and most important of all), from a privacy standpoint I don't want to give all of these companies my SSN and identifying information. I'd like to get a general range first so I can shortlist the ones that I want to investigate further, and for those ones I understand they'll need identifying information in order to give be a more accurate quote. It is a clusterfuck because the information needed to be accurate is often personal, and younger people are unwilling to work with an agent. Shopping for insurance is NOT like buying a travel ticket. If you go to an agent they will ask for your info ONCE, and quote you with multiple carriers if they are independent. I recommend going that route if you're worried about handing out info and want a one-stop-shop. Good carriers for renters are Nationwide/Allied, Safeco, Travelers, State Farm to name a few. Progressive is kind of unproven in that they only started offering it recently. quote:That's weird. Hypothetically speaking, I have a car and a house; I post on CL to get a roommate for the spare room and if I want to do it right then I need to have him/her sign paperwork from my car insurance company saying that he/she isn't going to drive my car? Actually yes for many carriers. From a legal standpoint, anyone that is in the house full time has regular and frequent access to your vehicle. The company is willing to put up tens of thousands of dollars to protect your vehicle and they aren't about to knowingly go "meh" when dude with potentially 3 DUI's is possibly driving the car uninsured. Its bad for them and its bad for you. How easy and often do you think it is that a room mate with a terrible record hops in another dudes car for a beer run or something? Would you rather you and he be covered in that case? I would think so.
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Jan 26, 2014 03:43
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For renter's insurance, would my policy cover my roommates stuff as well? When I get a quote, I assume that they will ask if I'm living with anyone else. If I do have to add my roommate to the policy, does that drastically increase the price?
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Jan 26, 2014 17:58
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I've been pricing renter's insurance for the websites listed and State Farms is by far the cheapest and includes the default highest coverage for things like computers and such. For personal liability and medical payment coverage, I've been just putting down $100,000 and $1,000 cause I don't actually know what this means. It seems completely asinine that if I had someone over and they slipped and fell that I would be liable to pay for them. I thought that's what their health insurance was for. Actually I don't even understand why medical related stuff is tied into renter's insurance because I thought that's why we have health insurance. So now that I've got a quote, is it worth it to have an agent call me vs just buying it online? Worth it as in, can that agent give me discounts that aren't listed online, or am I wasting my time talking to someone as opposed to pressing "buy"?
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Jan 26, 2014 19:45
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Their health insurance will pay for their bill and then they will come and sue you to get their money back. Also your friend still has to pay co-insurance and deductible out of pocket plus he can come after you for pain and suffering and lost wages while recovering.
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Jan 26, 2014 20:43
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Boris Galerkin posted:I've been pricing renter's insurance for the websites listed and State Farms is by far the cheapest and includes the default highest coverage for things like computers and such. For personal liability and medical payment coverage, I've been just putting down $100,000 and $1,000 cause I don't actually know what this means. It seems completely asinine that if I had someone over and they slipped and fell that I would be liable to pay for them. I thought that's what their health insurance was for. Actually I don't even understand why medical related stuff is tied into renter's insurance because I thought that's why we have health insurance. Don't forget to get a certificate of insurance from your guests, just so you can make sure they actually have health insurance and are paying for levels you feel safe with.
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Jan 26, 2014 22:23
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Boris Galerkin posted:I've been pricing renter's insurance for the websites listed and State Farms is by far the cheapest and includes the default highest coverage for things like computers and such. For personal liability and medical payment coverage, I've been just putting down $100,000 and $1,000 cause I don't actually know what this means. It seems completely asinine that if I had someone over and they slipped and fell that I would be liable to pay for them. I thought that's what their health insurance was for. Actually I don't even understand why medical related stuff is tied into renter's insurance because I thought that's why we have health insurance. Sperg Victorious posted:Don't forget to get a certificate of insurance from your guests, just so you can make sure they actually have health insurance and are paying for levels you feel safe with.
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Jan 26, 2014 23:15
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Sperg Victorious posted:For renter's insurance, would my policy cover my roommates stuff as well? When I get a quote, I assume that they will ask if I'm living with anyone else. If I do have to add my roommate to the policy, does that drastically increase the price? Technically no, but you could realistically fudge it. The thing is, do you want to use the coverage YOU purchased to buy them new stuff? Remember, for insurance you have to have an insurable interest, and if its your roommates, say, Laptop, then you don't have an interest in it. He does. The best thing to do would be to go in on it together and raise the limit appropriately. The only way it'd really jack up the price is if he had a terrible insurance credit score, otherwise it'd be pretty innocuous. Boris Galerkin posted:I've been pricing renter's insurance for the websites listed and State Farms is by far the cheapest and includes the default highest coverage for things like computers and such. For personal liability and medical payment coverage, I've been just putting down $100,000 and $1,000 cause I don't actually know what this means. It seems completely asinine that if I had someone over and they slipped and fell that I would be liable to pay for them. I thought that's what their health insurance was for. Actually I don't even understand why medical related stuff is tied into renter's insurance because I thought that's why we have health insurance. That is unfortunately how it works. It is in the litigation part where you can actually assign fault. For example, if they dive headfirst into your kitchen sink and claim damages you can show that they were being negligent and they will get nothing from your insurance company. But, if they slip on a puddle in the kitchen, then yeah, you're totally liable and you want to be covered for this kind of thing. Remember, they might not even be trying to be a jerk, its just that they got saddled with a ton of medical bills and they need help paying them. Get the insurance. Also as someone else said, yeah, their medical will cover them, then they can come after you for that and any out of pocket expenses. Also, its generally worth it to just buy it online if you're happy with the price. With renters there isn't a lot an agent can do unless you plan on getting car insurance from the same place and bundling them together for discounts. For example, I rated out some Safeco for myself and its like $160 a year and no one else has come close to that for my coverage. Others say State Farm. The key is, bundle bundle bundle.
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Jan 27, 2014 02:05
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Jastiger posted:Also as someone else said, yeah, their medical will cover them, then they can come after you for that and any out of pocket expenses. So what would be a reasonable coverage limit for personal liabilities? I'm new to this so I don't know what $100,000 actually means in terms of purchasing power. Safeco was actually priced lower than State Farms, but then the thing was I've never heard of Safeco before whereas I see State Farm advertisements all the time, plus the recommendation here, so I dunno how reliable/fast Safeco is.
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Jan 27, 2014 02:58
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Boris Galerkin posted:So what would be a reasonable coverage limit for personal liabilities? I'm new to this so I don't know what $100,000 actually means in terms of purchasing power. The power of marketing! Isn't this interesting? Dude buys insurance based on the commercials he saw. poo poo works. Safeco is a pretty good company and I'd take them if they are in your budget and offer everything you are looking for. There were two main companies I really enjoyed working with: Safeco and Allied/Nationwide. In the interest of full disclosure I now work at Nationwide, but they were still good to work with and good insurance. The difference in liability limits for renters aren't going to jack your premium up majorly. Maybe ~$20 in either direction depending on whether you raise or lower them. $100,000 is pretty standard, but the general way of looking at it is: Buy as much as you can afford.
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Jan 27, 2014 03:26
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Jastiger posted:The power of marketing! Isn't this interesting? Dude buys insurance based on the commercials he saw. poo poo works. It's not just marketing though. I know who State Farm is, I've never heard of Safeco in my life. Maybe they are a reputable insurer like you said, but that doesn't change the fact that I've never heard of them in my life, so when it comes down to insuring my stuff I want to go with a company that at least sounds legit to me, get it?
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Jan 27, 2014 12:53
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Boris Galerkin posted:It's not just marketing though. I know who State Farm is, I've never heard of Safeco in my life. Maybe they are a reputable insurer like you said, but that doesn't change the fact that I've never heard of them in my life, so when it comes down to insuring my stuff I want to go with a company that at least sounds legit to me, get it? That is the definition of successful marketing, man. I'm not trying to insult you, just point it out.
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Jan 27, 2014 13:19
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Jastiger posted:That is the definition of successful marketing, man. I'm not trying to insult you, just point it out. All that baseball sponsorship money down the drain .
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Jan 27, 2014 14:08
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