9.3 Homeowner & Renter Insurance

9.3
Homeowner & Renter Insurance

Did you know that you can get insurance to cover all the stuff you own inside a rented apartment? It’s called renters insurance! But, one reason people give for skipping renters insurance is, “I don’t have that much stuff. And none of it’s very nice.” Use this interactive to “customize” your hypothetical first apartment. Then, answer the following questions:

Intro

Open Ended

1. Using the link below:

2. https://www.allstate.com/resources/wysw#0

3. How much did the website estimate it would cost to replace all the items in your apartment? 

Open Ended

1. Using the link below:

2. https://www.allstate.com/resources/wysw#0

3. How much does the interactive assume your renters insurance policy will cost per month? Does this surprise you? Explain.

Open Ended

1. Using the link below:

2. https://www.allstate.com/resources/wysw#0

3. How much does the interactive assume your renters insurance policy will cost per month? Does this surprise you? Explain.

Open Ended

1. Using the link below:

2. https://www.allstate.com/resources/wysw#0

3. Do you think you will get renter’s insurance as a young adult? Why or why not?

Multiple Choice

Why would someone want to have renters insurance if their building owner has insurance?

• The building owner's insurance only covers liability. Renters insurance will cover damage to the exterior and structure of the building.

• The building owner's insurance only covers the building structure. Renters insurance covers your personal property.

• There is no need to get renters insurance if the building owner already has an insurance policy

• By law, you must have two types of insurance: landlord insurance and renters insurance

Multiple Choice

The coverage under renters insurance will cover the costs of the following items EXCEPT:

• Your personal belongings

• The damage to the building

• Hotel you have to stay at until your apartment can be repaired

• Small alterations to the property you made at your own expense

Multiple Choice

What is the purpose of liability coverage on a renters insurance policy?

• It covers only damage to the exterior of the rental unit

• It covers your medical bills if you are injured on the property

• It covers unintended damage and accidents in the rental

• Liability coverage is not available on a renters insurance policy, only on a landlord policy

Multiple Choice

There is no need for a college student to have a renters insurance policy.

• TRUE

• FALSE

Multiple Choice

Using the packet provided for you on your desk, answer the following questions. (Hint: pg 5-6)

1. Which of the following personal property items has the HIGHEST specific limitation on coverage?

• 1. A prized coin collection

• 1. Jewelry, watches, and precious stones or metals

• 1. A canoe you’re storing at the rental property

• 1. An antique rug

Multiple Choice

Watch the entire video and then answer the question:

Sue is headed off to college, will be living in the dorm, and her parents have homeowners insurance. She figures, “I won’t need renters insurance. My parents’ policy will cover me.” What would you tell her?

• You will definitely not be covered. Better buy your own insurance

• You may not be covered for enough (or any at all) depending on your parents' policy. You better check it out and read the fine print

• You're right! Nothing to worry about. It will cover you!

Multiple Choice

Watch the entire video and then answer the question:

Jacques is also headed off to college, will be living in the dorm, and his parents have homeowners insurance. He’s thinking, “I don’t know for sure whether their policy will cover me or what the coverage limits will be, so I’ll just buy my own renters policy too.” What would you tell him?

• That's a good idea! Better to be safe than sorry

• You should read the fine print of your parents' policy. You might be covered in a dorm.

Multiple Choice

Watch the entire video and then answer the question:

You are less likely to be covered on your parents' policy if you live off campus.

• True

• False

Multiple Choice

Watch the entire video and then answer the question:

You have renter's insurance. Your computer was stolen from your dorm room.

• Too bad. Theft does not count for a claim

• Good! You can make a claim.

Multiple Choice

Watch the entire video and then answer the question:

You made your claim for your stolen computer worth 1,200 and you have a $500 deductible. You much will you be able to collect on the claim?

• $500

• $700

• 
  

  $1,200

Drag and Drop

For each of the 5 coverage areas of a standard homeowners insurance policy, match what they cover:

Dwelling -- ​

Placeholder

Personal Property -- ​

Placeholder

Loss of Use -- ​

Placeholder

Personal Liability –- ​

Placeholder

Medical Payments -- ​ ​

Placeholder

Drag these tiles and drop them in the correct blank above

The home itself

Personal items inside the home (clothes, TV, etc)

Cost of living elsewhere if home isn't possible

Lawsuits for injuries or damage to someone else

Payment for someone injured on your property ( NO

Dropdown

Pretend your homeowners policy has a premium of $150, a deductible of $5,000, and a limit of $300,000. Your home suffers $170,000 in damages.  

How much will you pay for the damages? ​
Select answer


How much will your insurance pay? ​​ ​
Select answer

Multiple Choice

1. Each of these coverage areas is part of a standard renters insurance policy EXCEPT for…

• 1. Loss of use

• 1. Personal Property

• 1. Liability

• 1. Dwelling

Multiple Choice

2. What is the liability portion of a homeowners insurance policy meant to cover?

• 1. The cost of a lawsuit if someone sues you for injuries they got on your property

• 1. The cost of repairing the physical structure of your home

• 1. The cost of floods and earthquakes not covered by a standard policy

• 1. The cost of replacing personal property that you, yourself, damage within your home

Multiple Choice

2. Which college student is MOST likely to need their own renters insurance policy?

• 1. Abigail, who lives with her parents and commutes to college

• 1. Beatrice, who is a freshman living in a dorm and whose mom has homeowners insurance

• 1. Carson, who is a senior living in a dorm and whose guardians have homeowners insurance

• 1. Dani, who lives in an off-campus apartment with her cousin and a friend