Separate Rider Question

[JamesHart]

My son is renting a room with a friend and he has $25k of renters insurance. This is the total of all his personal belongings in the room. Some of those items are particularly expensive. His laptop was $2,000.00 and 2 guitars that were $3,000.00 each. Should he have separate riders on these items? Or are they covered under the $25k?

Thanks

 

[Josh]

My son is renting a room with a friend and he has $25k of renters insurance. This is the total of all his personal belongings in the room. Some of those items are particularly expensive. His laptop was $2,000.00 and 2 guitars that were $3,000.00 each. Should he have separate riders on these items? Or are they covered under the $25k?

Thanks

Scheduled personal property. The computer is less of an issue, but the guitars may be hitting the sub limits for the category.

Why only $25k?

 

[BlockO]

You really need to ask the agent this question. which carrier you have the policy with makes a big difference and how the policy was written up makes a bigger difference.

-were these items listed as scheduled property?
-were they listed on an actual cash value or replacement cost basis?
-laptop: depreciates very quickly (needs replacement cost, not ACV).
-guitars: if bought retail brand new: depreciate quickly also. if they're older collectibles, no worries w/ depreciation. but make damn sure the company has all of the proper pics and documentation.

p.s. if the guitars are older collectibles, and your son's roomie wants to sell one of them... p.m. me.

 

[JamesHart]

My son is renting a room with a friend and he has $25k of renters insurance. This is the total of all his personal belongings in the room. Some of those items are particularly expensive. His laptop was $2,000.00 and 2 guitars that were $3,000.00 each. Should he have separate riders on these items? Or are they covered under the $25k?

Thanks

His policy is replacement cash value. $25k was the total of what he paid for everything.

 

[Biggdogg]

Need more detail too. Guitars could be covered under the regular policy depending on company and state.

Since most in his situation don't have a couple of $3,000 guitars, it would raise some red flags with any adjuster. Is he in a band? Even if he gets paid in beer, he's considered a professional, and equipment will be excluded without the right endorsements.

 

[Bonn354]

Each carrier has different limits that they allow for unscheduled personal property. Look at your policy. If your limits arent there, then schedule them or write them on an inland marine policy

My son is renting a room with a friend and he has $25k of renters insurance. This is the total of all his personal belongings in the room. Some of those items are particularly expensive. His laptop was $2,000.00 and 2 guitars that were $3,000.00 each. Should he have separate riders on these items? Or are they covered under the $25k?

Thanks