Renters and Homeowners Insurance - Protecting Your Stuff
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What students do
- Calculate what a $1,200 laptop claim pays under replacement cost value versus actual cash value
- Compare what renters insurance covers against what homeowners insurance adds
- Read a bar chart weighing a year of renters insurance against the cost of replacing a first apartment's belongings
- Advise a first-time renter on choosing coverage and a deductible they could actually afford
What it covers
- What renters insurance pays for and what it excludes, from personal property to the building itself
- How homeowners insurance adds dwelling coverage for the structure
- The math behind replacement cost value versus actual cash value on a claim
Learning targets
- Explain what renters insurance covers (personal property, liability, living expenses) and what it does not cover (the building, floods)
- Explain how homeowners insurance differs from renters insurance by adding dwelling coverage for the structure
- Calculate what a property claim pays under replacement cost value (RCV) versus actual cash value (ACV) using a labeled model
- Explain why renters insurance is inexpensive relative to the cost of replacing your belongings out of pocket
From one teacher to another
Almost none of my students will own a house before they rent an apartment, so I teach renters insurance first and don't treat it like homeowners' little sibling. They run the same laptop claim twice, once under replacement cost value and once under actual cash value, until the gap between those two payouts stops being abstract. By the end they can look at everything they own and tell you exactly what a real claim would pay for it.
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