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Created with Fabric.js 1.4.5 Renter's Insurance Joe and John are going to college, but only Joe (blue) bought renter's insurance. John's parent's homeowner's insurance doesn't cover him. 2 Joe's insurance costs about $15.45/month and covers his personal property, loss of additional living expenses (ie. it will pay for a place to stay if his apartment is being fixed), medical payments to others, and personal liability (if he causes harm to another person's property). Joe's deductible is $500, meaning he will pay up to $500 before hisinsurance kicks in. John must pay for everything if something goes wrong. 1 Total Costs: $0 Total Costs: $15.45/month, $185.40 annually The Risks Covered by Insurance: Joe's insurance will cover damage from smoke, fire/lightning,theft, automobiles, aircrafts, falling objects, riots, windstorms/hail, snow/ice/sleet, water damage from utilities, electrical surges, vandalism, explosions, and glass. 3 Uh oh... Both John and Joe have terrible luck. Lightning strikes the apartment complex they are staying in and a fire destroys most of their belongings. The total cost of the damages is $25,000. How-ever, Joe's insurance will cover everything after Joe pays $500 (his deductible) along with his monthly premium of $15.45. On the other hand, John must cover the whole cost of the damages. Final YTD Cost: $685.40 Final YTD Cost: $25000 WINNER! By providing proof of loss (he kept all of his receipts and was able to prove that he lost all that he did), Joe was able to get the maximum back. He had a "replacement cost" (RC) policy that gave him the money for the items at their current price (brand new), which differs from "actual cash value" (AVC) policy, which would have only given him the depreciated value of his belongings.
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