OT:renters insurance

[sjbraun]

I'll try to make this brief.
We're selling our home, closing in a few weeks. We can't move into our new place until October, so we're becoming renters. We're moving to OR for the period in which we'll rent, so most of our belongings are in a storage facility.
My current insurance company only writes renter's policies for up to $100k, but here's the catch, they only insure items kept in a storage facility for a maximum of 10% of the total insured value. 10% of $100k doesn't even cover my bikes, let alone everything else we own. (95% of our belongings are in storage.)

Does anyone know if an insurance company that sells renter's insurance with better coverage?

[Irishgirl]

Which carrier is your current homeowners policy with that restricts the amount of coverage for personal property to $100k?


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[sjbraun]

Progressive, but just for renters policies. My homeowner's policy insures for almost twice that amount.

[echappist]

Originally Posted by sjbraun

I'll try to make this brief.
We're selling our home, closing in a few weeks. We can't move into our new place until October, so we're becoming renters. We're moving to OR for the period in which we'll rent, so most of our belongings are in a storage facility.
My current insurance company only writes renter's policies for up to $100k, but here's the catch, they only insure items kept in a storage facility for a maximum of 10% of the total insured value. 10% of $100k doesn't even cover my bikes, let alone everything else we own. (95% of our belongings are in storage.)

Does anyone know if an insurance company that sells renter's insurance with better coverage?

is that your personal liability or the cap on damages to your property? $100k would be woefully inadequate for the former.

Also, shop around to compare coverage. Lastly, policy terms may differ from state to state, and you may just be SOL in terms of what the insurance company can get away with.

[Irishgirl]

Insurance for your household items in storage is a bit tricky as the exposure for insurance carriers is increased....which is why there are restricted limits. For the sake of curiosity I looked into a carrier called Lemonade which is a start up carrier and a different go to market strategy than traditional carriers such as Progressive to see what their limits are for items in storage. Unfortunately their limits are the same as what you currently have with Progressive.

I recently moved and went through a similar exercise and the storage facility offered coverage. If you are using movers they also offer coverage if storing your items in their facility. If you are storing furniture I would recommend getting a temperature controlled unit.

Additionally for your bikes I would recommend looking into getting a specific policy for the bikes. As long as you aren’t racing bikes policies provide all risk coverage.


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[yngpunk]

They usually know of/can access "lesser known"/regional insurance carriers that would provide you a higher limit than what the majors/national brands would offer.

[Wattvagen]

does the storage facility itself not provide some measure of cover?

i'd start by seeing what coverage they offer. that's teh whole point of a storage facility after all, a safe place to store stuff.

[doomridesout]

Check Safeco, they beat everybody in coverage and price when I was looking.

[carpediemracing]

We live in a small town with the stereotypical insurance agent. Although we get our own auto and home insurance, we've found that the agent is better at getting weird things, like extra coverage when I was promoting races, life insurance with specific thoughts/needs, etc.

It might be worth speaking with a small town agent. We found ours because we know the family both through customer and client interactions. I'd never have approached them otherwise; I have no idea how I'd find one in a new-to-me town.