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Liberty Mutual Renters Insurance Reviews
I never used renters insurance until I moved west to the Bay Area. In my opinion, in all the years I've been renting, I've never seen a property I own worth more than what you get when you scrape them off at the junkyard.
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Times have changed, however, and landlord demands are what they seem. Having been with my wife for almost five years, we have purposefully acquired some more valuable possessions that we hope will enhance our quality of life. Some of them even rise to the point of needing replacement in the unfortunate event of loss.
Admittedly, I would not be deprived by losing them, but I would certainly like to have the option to compensate for any loss we may have suffered in terms of material wealth. Like I always say, "I don't necessarily want to go to prom, but I want an invitation."
When we moved into our current apartment, our new landlord required us to purchase renters insurance and listed them as a interested party. I admit I didn't understand this arrangement at the time, but after a quick read online, I found out that it's a very common requirement for apartment complexes.
Reading around, I shopped between several insurance companies to get a competitive quote and ended up choosing Liberty Mutual because they offered a bundled discount on the car insurance I held.
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Overall, I ended up saving on both policies with the discount package, even though they didn't offer landlord insurance, which I have to carry for the condos I rent to tenants.
This article explores renters insurance and how it works, how much you can expect to pay for coverage, the coverage you need, and some top insurance providers to help you find coverage.
Let's imagine a dire situation: You rent an apartment or apartment and your electric stove shorts out, causing a fire. The flames took away most of your personal belongings, leaving mostly charred wreckage.
In this case, these contents will not be covered by the landlord's insurance policy. The only way to cover these losses you have incurred is to purchase renters insurance. The same goes for theft or other disasters.
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A landlord's insurance policy held by a unit owner may protect the building you live in, but the landlord's insurance will not replace your personal belongings or pay for your temporary living expenses while the building is being repaired.
In fact, the only surefire way to financially protect yourself from such disasters is to purchase renters insurance.
Renters insurance, sometimes called renters insurance, includes three basic types of protection in a standard policy:
Given the low cost of renters insurance, sometimes less than $10 a month, it makes sense to purchase coverage. For $7 a month, my wife and I wear:
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Liberty Mutual's low cost of renters insurance made this decision an easy one for us. Check out the image below to see the insurance statement page of our policy with details.
To get coverage above these basic minimums (i.e. flood and earthquake), you will need to purchase supplemental insurance. In New Orleans, flood benefits would be an important consideration if we were renting there, and my wife and I will probably add earthquake insurance in the near future.
Deciding on the right renters insurance coverage to buy involves knowing the value of your property. This includes the following items:
Go through these items and determine how much it would cost to replace them all, and use this sum to determine the level of coverage you need. When my wife and I purchased the policy, we opted for higher personal effects coverage because we knew the baby was coming and we needed to buy many items to prepare for his arrival.
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Add your insurance needs and whether you think this limit is adequate for the period covered by the policy. Maybe you're planning to downsize and don't need to carry a lot of money for the life of the policy.
The easiest way to handle this process is to create a budget in Excel that will cover all items and how much you think each item will cost to replace. I recommend storing it on your Google Cloud or other cloud account in case the unfortunate event of loss makes your computer a victim.
Luckily, I use Google's G Suite to store all my files to prevent this loss from happening. This list will come in handy if you need to file an insurance claim as it can speed up the claim process.
Most renters insurance policies come with standard liability coverage that covers legal action for bodily injury or property damage that you or your family may cause to others in the home. By extension, it also covers any damage a pet may cause.
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For example, if you decide to attend a neighbor's housewarming party and your dog decides to ruin the event by urinating on the expensive rug, you'll be covered for that event. If it is your own carpet that is dirty, you are not covered by this liability insurance. Spike should know more about both cases, but you only covered one.
Generally, renters insurance liability limits start at $100,000, but some can go as high as $300,000 like mine. To be on the safe side, it might make sense to pay more per incident, per incident, for extra protection if the difference in cost is negligible.
Before discussing umbrella insurance below, another element regarding the coverage of a renter's insurance policy includes no-fault medical coverage. This coverage is designed to protect against expenses incurred for injuries or medical conditions that result from visiting your covered property. Instead of paying their medical bills out of pocket, you can submit these medical bills directly to your insurance company.
For example, if your friend accidentally falls down the stairs at a backyard barbecue and breaks his arm, you can submit the resulting medical bill to your renters insurance company for payment. You can usually get a renters insurance policy for $1,000 to $5,000. Personally, my policy pays $1,000 per person.
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Note that this doesn't extend coverage to your own family members or pets, since those costs will have to be paid out-of-pocket if you don't meet the low or high deductible health plan's deductible.
As an additional level of liability coverage, you can also purchase umbrella or additional liability coverage, which provides higher coverage limits and broader coverage. Typically, these policies cost as little as a few hundred dollars for an additional $1 million in liability protection.
Importantly, for blanket insurance, if you choose not to purchase renters insurance and only cover the total coverage, the insurance company may not cover the first $100,000 (renters insurance liability coverage) and only increase thereafter. ($100,001+). The tenants insurance policy acts as base insurance, without which there is no automatic transfer to the blanket policy.
Recently, my wife and I purchased a new car and added it to our Liberty Mutual auto insurance policy. Because my wife and I were concerned that the policy's liability coverage might not be enough for our needs ($500,000), we decided to get an additional $1,000,000 of liability coverage under the umbrella purchase policy.
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Making this decision will cost us more because the baby in the picture will cost us more. The simple addition costs only a few hundred dollars extra since it's bundled with several other coverages we offer.
A kicker comes when I also have to take responsibility for any potential liability arising from my apartment rental in New Orleans. That results in a $125 premium.
Regardless, we offer affordable blanket coverage on top of other coverage for added peace of mind in case existing liability coverage falls short.
As mentioned above, several carriers offer umbrella coverage, and they can often be bundled with existing policies, with the possibility of bundle discounts.
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An often forgotten part of a renters insurance policy is Additional Living Expenses Coverage (ALE). The way this insurance works is that it covers incidental housing costs due to the loss of your primary covered residence under a tenants insurance policy.
For example, if your apartment building burns down, you will not be able to live on
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