Yes, and the language of the policy. But I’ve seen my share of fire losses, and typically, you get ACV upfront and RCV upon replacement. (My current policy with CHUBB will pay me RCV without any need to replace).
Worth noting, regarding USAA, as the OP asked for recommendations: they typically have very satisfied customers, but in order to qualify for coverage with USAA, you have to be a U.S. military veteran (or current active-duty service), or have a parent or spouse who served (and who currently is a USAA member).
I didn’t serve, but my father did…however, dad has not ever been interested in switching to USAA from his current insurer, and so, I don’t qualify.
I presume and hope that a complaint to the cleaner’s employer was made, of course with due regard for the rights of the accused and lack of direct as opposed to circumstantial evidence, etc. That could have some effect, though not likely to restore your silver.
If the cleaner is self-employed, actions like giving them critical social media reviews would have to be handled even more delicately, regarding abovementioned rights-of-the-accused issues. Somebody could justly point out that you don’t actually know this cleaner was the thief, although I take your word for it that you’ve correctly deduced that this is the only person it could have been.
Back on-topic: I assume that the reason renter’s insurance is so cheap is that it doesn’t get used much, compared to how many people have it. The people who are willing to pay money for renter’s insurance premiums at all, or who are living in situations where they’re required to do so, are likely to be motivated to take care of their stuff. (And also, as other posters have observed, likely not to have a bunch of expensive stuff in the first place. If you can afford/want a lot of very lavish costly personal possessions, you most likely can afford/want to own your dwelling.)
Also, a renter’s insurance policy covers liability but a renter is less likely to have liability claims than an owner. If someone is injured by a tree branch falling or a broken/icy sidewalk , generally the property owner is responsible.
Your dad just has to be a “USAA member” (which is free), but he doesn’t actually have to buy their insurance or use the bank or anything for YOU to be eligible to buy USAA insurance.
Gemini: Yes, you can be a USAA member without purchasing their insurance. You only need to meet the military eligibility requirements to establish a member profile and receive a USAA number, which unlocks access to banking, investment products, and shopping discounts. There are no ongoing membership fees.
https://www.usaa.com/membership/about/
Just sayin’.
Thank you for the clarification. He isn’t a member, either, and now that he’s 92, hasn’t been able to even navigate a web page for at least a year, and beginning to suffer from dementia, it’s not likely to happen.
Just as an anecdote, you want renter’s insurance regardless if it is required if you’re living in an actual apartment. The cost is low and the peace of mind is worth it. Not primarily for coverage of your stuff, if you live a spartan life with very little stuff. But coverage if a disaster temporarily forces you out of your unit.
Because while when I was a landlord I maintained a rental policy that covered my tenants relocation, not all landlords are that responsible. I was renting a lower flat that got flooded by an overflowing toilet from above. Much to the surprise of both me AND my insurance agent (State Farm), the landlord’s insurance just covered his loss of income for the unit being vacant, not my costs 
. Thankfully my renter’s insurance obligingly put me up in a two-room suite in a nice hotel I chose for a week while repairs/remitigation was ongoing - no muss, no fuss.
Exactly so. One of the truisms of being an apartment renter is that at least one of your neighbors is likely to be (a) clueless, (b) careless, and/or (c) an asshat. Water damage coming from another apartment, or smoke damage from a fire in another unit, can make your own apartment uninhabitable for a period of time, even if you are meticulous.
Olympia, WA. About 7 years ago they were looking into joining the ORCA card tap-to-pay system that most of the Seattle-area transit agencies use and determined that, as heavily subsidized by sales tax and state subsidies as they are, it would literally cost more to install readers on all the buses than they bring in in fares, so they went fare-free.
If I am misinformed, please correct me, but when I’ve had to get renters insurance, it was required to cover damage to the apartment, not my belongings
Apparently, this may be true for very specific situations and sorts of damage to the apartment. According to this site (in particular, look at the third paragraph):
Yep. Read your lease to find out what the complex requires of your policy. I can’t imagine the property management firm caring whether your belongings are protected, not to where they’d require you to buy it as a condition of the lease.
Anyway, congratulations on getting your own place!
Avoid Allstate. They were so incredibly unpleasant to deal with when my stuff was stolen that i walked away from a claim that, at the time, was a lot of money for me. Despite having paid for replacement cost insurance, they wanted me to tell them the age and original purchase price of every item, including my underwear, a sweater that was a gift… I asked the adjuster if he could help me estimate that and he was nasty and implied I’d lied about the theft.
I know lots of people who are happy with USAA and with Amica. But you may care more about cheap premiums than about the quality of the claims service. In which case, my advise is to get quotes from at least 3 companies. Because every insurance company has different rating algorithms, and if one uses 3 digit ZIP code and groups you with the other homes over there, while another uses regions drawn some other way and groups you with the homes on the other direction, there can be a large difference in premium that’s somewhat random.
That matters more for auto insurance, because it just costs more. But it’s worth checking for any insurance, especially if your primary consideration is price.
Also, some companies sell mostly through independent agents, and others are direct writers and you just go to their website and ask for a quote. (Or telephone them, in the old days.) Direct writers are usually cheaper.
thanks for response, but it’s Smapti finally getting his own place, not me
Regarding the Liability coverage:
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A basic policy will come with $100,000 in liability coverage. Just like with Auto, if you are responsible for damaging someone or their stuff (including their reputation in some cases), the policy will pay up to the coverage limit to make amends.
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If you are sued it will pay the cost of your defense attorney, court fees, and other litigation-related expenses. All of them, with no $ limit. And this is in addition to the $100,000.
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Liability coverage follows you everywhere. Worldwide.
** There are a bunch of situations which are excluded from coverage, read your policy (under the heading: “Exclusions”)
ETA: Just because it wasn’t your fault won’t keep someone from saying it is. So they come at you for money, you tell them to get stuffed, they sue you–your policy will defend you even if you are not liable for the claimed damages
Also, if you ARE liable for something that happened at the apartment, you can get sued, and so can the landlord (Lawsuits tend to name everybody who plausibly had a hand in causing the damages). Your coverage protects the landlord.
And this is why the landlord cares. I doubt the landlord cares whether you have insurance to cover your stuff if it’s stolen.
Went ahead and got coverage from State Farm for a whopping $14.50 a month. The base policy was actually closer to $9, but I maxed out the medical coverage and added earthquake/volcano coverage (since we’ve got a great big volcano nearby that is going to be a BIG problem one day) and added identify theft protection.
Now to deal with getting my cat licensed, his vaccines updated, trying to get an ESA letter for him so I won’t have to pay pet rent, signing the lease (which is a big thick document full of rules like “no running in the hallways” and “no back-in parking” and “no leaving bottles on the window sill” and “no joining a gang”), booking a Uhaul, deciding which of my possessions I’d rather donate/sell/throw out than haul with me, and the million other tasks that come with moving.
At least I’ve got a friend who owes me a favor because I helped him move a few years ago and I can draft him to carry heavy stuff for me.
Uh-oh! I hope that doesn’t mean no more posting here!
Seriously, moving is soooo awful. I hope it goes smoothly and you and your cat are happy and settled very soon.
Whatever company you go with, do the replacement value and hope you never have to use it.
I have something like $40,000 replacement value on my contents, and pay about $200 a year.
I went with $20,000 for the replacement value, which was the minimum they offer and is a lot more than what my chattel is worth anyway. I don’t really own anything of significant value other than my TV and computer and some autographed wrestling memorabilia.