suggestions for purchasing renters insurance

 



I live in North Florida, near Jacksonville. I don't have any expensive
items at my home other than my laptop(worth about 900) and live alone.
Rest are just clothes, books, utensils.

I tried Geico and its yearly premium is 131 for choosing deductible as
100, personal property coverage as 5K and personal liability coverage as
50K. They don't have insurance for property worth 1500(which is what
total cost of all my belongings would be) and it claims that insurance
will reimburse you to buy a damaged product at present time. For
example, if my laptop whose worth was 900 when I purchased it and it
gets stolen(heaven forbid) after 3 years when its worth will be 400 or
less, Geico's insurance will pay me enough to buy a laptop worth 900
which i find hard to believe. It is called "Replacement Cost Coverage:
The replacement cost benefit provides coverage for the cost of replacing
a covered item without penalty for depreciation. Even if you've owned a
particular covered item for some time, with this benefit you'll be able
to replace it at today's market price. Item must be replaced prior to
receiving this benefit. "
Am i reading the policy correctly or are there some other caveats?

Anybody has experience with Geico for renters insurance? Any other
insurance providers i should look into?

 

g_1 wrote:

That approach is pretty common now.


coverage for the cost of replacing a

particular covered item for some

providers i should look into?