Best Answer: To answers the questions you pose:
"Is renter's insurance cheap enough if you buy it by itself or is it best under an umbrella plan?"
>The cost of renter's insurance is not based on whether you have an umbrella or not. Since an umbrella is a separate policy, it will effect the pricing of your renters policy (unless the company offers some type of a package discount). The umbrella will only give you additional liability coverage; there would be no additinal property coverage.
"What would be the best and most effecient way of getting renter's insurance for me and the person I live with?"
>If your roommate does not have steady employment, the best way to get renters insurance is for you to purchase the policy and list your roommate as an additional insured on the policy to ensure that he is covered.
Also, how is rate determined?
>Combination of your insurance/credit score, prior claims history, the amount of coverage requested (both property and liability), location of the property, building construction, alarm system (if any), sprinkler system (if any), deductible selected, package
Is there a set rate for everybody?
>No, premiums will vary based on the above.
If you take pictures is coverage higher?
>No, pictures will have no effect on the premium. They WILL help however if you have a claim and need to show proof that you owned certain property.
If somebody lives in An apartment, if the car is in the parking lot right out side the apartment, and somebody breaks into the car and steals something, does that go under car insurance, or renter's insurance?
>Damage to the car will go under car insurance. Any property stolen (not part of the car) will go under the renters insurance policy.
Do those places have insurance on each of their units, or does the rentee have to purchase their own?
>That depends on the state you live in and the policy you purchase. Some policies will cover property in a storage unit up to a certain amount, others provide full coverage, others provide no coverage whatsoever. Check with your agent prior to buying the policy
HGCity · 5 years ago