Renters insurance and big screen TV

[olive]

Re: Renters insurance and big screen TV

As posters have noted here, you need to read the policy carefully and note that normally ONLY named losses in the renter's insurance policy will be covered.
The policy is not a blanket cover for anything that might go wrong.

[Unregistered]

Re: Renters insurance and big screen TV

Very helpful all these comments here.
I am facing the same issue, almost exactly, and at least now I know where I stand.

[Unregistered]

Re: Renters insurance and big screen TV

The renters policy is a Named Perils policy as I explained earlier. Read it and you will see the list of perils (causes of loss). The only one that would be remotely connected to this incident would be Vandalism and Malicious Mischief.

You could try filing your claim under that peril but GEICO might want you to file a police report against your friend (I would require it) if you allege that he caused the damage intentionally and wasn't just a klutz.

I've never seen a renters policy that wasn't Named Perils (35 years in the insurance business) but I suppose that any given insurance company could enhance the policy by endorsement for a much higher premium. Or, you could buy a scheduled property policy where you list items and their values and cover them for All Risks. Those policies are rather expensive.

Can you negotiate the "named perils" when you are buying the insurance or is it more of a "take it or leave it" kind of thing?

[adjusterjack]

Re: Renters insurance and big screen TV

Can you negotiate the "named perils" when you are buying the insurance or is it more of a "take it or leave it" kind of thing?

The renter's policy (HO-4 or comparable) is a "take it or leave it" policy.

The alternative (as I wrote earlier) is what is euphemistically called an "All Risk" scheduled property policy where you list each item and you and the insurance company agree to a value for each item.

I wrote euphemistically because there really is no such thing as an "All Risks" policy because there are exclusions to even the most generous of coverage.

As you can see by the following sample the actual insuring agreement is:

THIS POLICY INSURES AGAINST:
All Risks of Direct Loss or Damage From Any External Cause except as hereinafter excluded.

And then goes on to list what is not covered:

https://omp.mutualofenumclaw.com/site/documentCollections/collection12/forms/IM23%200570.pdf

[Unregistered]

Re: Renters insurance and big screen TV

Ahh, very helpful!

Thank you so much!

Seems the policies are somewhat more complicated than they really should have to be, but I guess that is the way it is.

SK

[adjusterjack]

Re: Renters insurance and big screen TV

Seems the policies are somewhat more complicated than they really should have to be, but I guess that is the way it is.

You're right. And to that end I have created the

Plain English Homeowners Policy

For a period of ___year(s) ending promptly at midnight, Standard time on ________________
Property Location:_________________________________________ ___________________

AMOUNT OF INSURANCE YOU BOUGHT: $___________________ BLANKET ON YOUR HOUSE, ALL THE ACCUMULATED FURNITURE AND STUFF INSIDE YOUR HOUSE, YOUR GARAGE (the one where you park your car, not Al's Body Shop) AND ANY OTHER SMALL BUILDING ON THE LOT, AND WHAT IT COSTS EXTRA TO LIVE WHEN YOUR HOUSE IS BURNED DOWN OR SOMETHING LIKE THAT HAPPENS, FOR SO LONG AS WE SAY IT'S OK.

WE ALSO WILL DEFEND YOU IN COURT IF SOMEBODY MAKES A CLAIM AGAINST YOU, OR PAY THE DAMAGES, AND WE'LL PAY THE MEDICAL BILLS OF SOME PEOPLE WHO GET HURT ACCIDENTALLY AT YOUR PLACE, OR SOME OTHER PLACE.

(We could spell it all out in detail, but you wouldn't understand one word of it anyway. We had to hire ten lawyers just to figure this out after we wrote it!)

CONDITIONS:

1. If anything happens and it looks like it's going to cost you money, call us right away and we'll tell you if we're apt to pay for it.
2. Our agent has already told you this is the new "all risk" policy, but even he doesn't know what he's selling, so if you have any questions, call or write to us, not some insurance salesman.
3. Don't lie to us about what happened or how much something cost or how new it is or how it never leaked before. If you try to snow us, we'll not only cancel this policy so fast it'll make your head swim, we'll pass the word around and you won't ever be able to get an insurance policy again short of the Hong Kong Mutual. There are so many regulations, and an Insurance Commissioner who thinks he's king, that we can't lie to you. So don't you give us any song and dance or we'll land on you hard.
4. Replacement Cost: forget it. You don't need it. We'll pay what we say is fair with or without any "Replacement Cost coverage," and we don't care what your neighbor's policy has on it.
5. The "AMOUNT OF INSURANCE YOU BOUGHT" listed above is the absolute cost we will pay no matter what your house and other stuff is worth or however many people sue you for any one accident, so you'd better be sure you have bought enough to cover the worst disaster that you can imagine. Don't depend on our agent for this! If he had any imagination, he'd find an honest occupation.
6. Don't bother us with a lot of questions about what is and isn't covered by this insurance. We'll tell you when you need to know. If we told you now you'd forget it in an hour, if you ever understood it in the first place.
7. YOUR DUTIES: (1) Pay the premium, and (2) call us right away when you think something's happened (don't try to analyze it, just call in.) That's all you gotta do. Don't try to get cute; see (3) above, in case you have forgotten already (which doesn't surprise us.)
8. If we think of any additional conditions, we'll let you know. By the way, if what happens involves a vehicle, airplane or boat or has to do with your job, forget it; don't call us; we don’t cover it.

[Unregistered]

Re: Renters insurance and big screen TV

You're right. And to that end I have created the

Plain English Homeowners Policy

For a period of ___year(s) ending promptly at midnight, Standard time on ________________
Property Location:_________________________________________ ___________________

AMOUNT OF INSURANCE YOU BOUGHT: $___________________ BLANKET ON YOUR HOUSE, ALL THE ACCUMULATED FURNITURE AND STUFF INSIDE YOUR HOUSE, YOUR GARAGE (the one where you park your car, not Al's Body Shop) AND ANY OTHER SMALL BUILDING ON THE LOT, AND WHAT IT COSTS EXTRA TO LIVE WHEN YOUR HOUSE IS BURNED DOWN OR SOMETHING LIKE THAT HAPPENS, FOR SO LONG AS WE SAY IT'S OK.

WE ALSO WILL DEFEND YOU IN COURT IF SOMEBODY MAKES A CLAIM AGAINST YOU, OR PAY THE DAMAGES, AND WE'LL PAY THE MEDICAL BILLS OF SOME PEOPLE WHO GET HURT ACCIDENTALLY AT YOUR PLACE, OR SOME OTHER PLACE.

(We could spell it all out in detail, but you wouldn't understand one word of it anyway. We had to hire ten lawyers just to figure this out after we wrote it!)

CONDITIONS:

1. If anything happens and it looks like it's going to cost you money, call us right away and we'll tell you if we're apt to pay for it.
2. Our agent has already told you this is the new "all risk" policy, but even he doesn't know what he's selling, so if you have any questions, call or write to us, not some insurance salesman.
3. Don't lie to us about what happened or how much something cost or how new it is or how it never leaked before. If you try to snow us, we'll not only cancel this policy so fast it'll make your head swim, we'll pass the word around and you won't ever be able to get an insurance policy again short of the Hong Kong Mutual. There are so many regulations, and an Insurance Commissioner who thinks he's king, that we can't lie to you. So don't you give us any song and dance or we'll land on you hard.
4. Replacement Cost: forget it. You don't need it. We'll pay what we say is fair with or without any "Replacement Cost coverage," and we don't care what your neighbor's policy has on it.
5. The "AMOUNT OF INSURANCE YOU BOUGHT" listed above is the absolute cost we will pay no matter what your house and other stuff is worth or however many people sue you for any one accident, so you'd better be sure you have bought enough to cover the worst disaster that you can imagine. Don't depend on our agent for this! If he had any imagination, he'd find an honest occupation.
6. Don't bother us with a lot of questions about what is and isn't covered by this insurance. We'll tell you when you need to know. If we told you now you'd forget it in an hour, if you ever understood it in the first place.
7. YOUR DUTIES: (1) Pay the premium, and (2) call us right away when you think something's happened (don't try to analyze it, just call in.) That's all you gotta do. Don't try to get cute; see (3) above, in case you have forgotten already (which doesn't surprise us.)
8. If we think of any additional conditions, we'll let you know. By the way, if what happens involves a vehicle, airplane or boat or has to do with your job, forget it; don't call us; we don’t cover it.

LOL That's funny