Renters Insurance

Eight Scenarios For Renters- Why Consider Renters Insurance
The Basics Of Renters Insurance
Ten Ways To Save On Your Renters Insurance
Make Sure Your Personal Property Is Protected

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Make Sure Your Personal Property Is Protected

The question: Is your personal property covered by your landlord’s insurance policy?

The answer: No! Odds are that your landlord has property insurance. But that protects the landlord's property, not yours. So, if disaster strikes, and everything you own is destroyed, you might have to start over from scratch.

"Ah, I don't own much," you say. Look around and do the math. The numbers can add up pretty fast at the cash register. Sound system? Television? Computer? Microwave? Or how about that closet full of clothes? They may not seem like they're worth much, but think about what that trip to the mall would set you back if the only jeans you had were the one's you were wearing. And don't forget to add in the cost of your couch, kitchen set, pots and pans, chairs, and bedroom furniture.

Solution: "Renters Insurance may be for you." Then, if you have a covered loss (from theft, fire, smoke damage, windstorm, lightning, vandalism) ,your renters insurance policy is there to protect you. That way, if you lost everything today, you wouldn't be forced to borrow your brother's black & white TV to catch the next round of "Who Wants to Be a Millionaire."

Other features generally covered in many basic renters policies or available as options include:

• Personal Liability coverage. Protects you against personal liability claims made against you for bodily injury or property damage. If clumsy Cousin Clara trips on your coffee table, breaks her leg and decides to sue, your policy protects you.
  
• Emergency Living Expenses. Reimburses your additional living expenses, if you are forced to move out of your residence due to a covered loss. If the house or apartment you are renting is damaged or destroyed and becomes uninhabitable, the insurance company will pay the cost to put you up in temporary digs or shell out to pay for relocation to a new place.

Major exceptions? Yes, a few. Most basic policies do not cover damage and losses from floods or volcanic eruptions.

Footnote to students: If you're living in a dorm or student housing, you may be covered under your parents' homeowner's insurance policy. However, if you're in an apartment or house, you may want to consider getting your own coverage.

And the cost? Though each person's premium will depend on a number of factors (such as where you live, since the cost of living is higher in Los Angeles, California than in Algoma, Wisconsin), renters insurance is generally pretty inexpensive. Monthly premiums, for example, can be as little, perhaps, as the price of a fully loaded pizza, delivered.

What to do now: Get some specifics. Whether you're a student or young adult, lifelong apartment dweller, or older adult in a state of transition, renters insurance might be just the thing you need. For more information, to get a quote, or to purchase your renters insurance on-line, click here.

The bottom line: Renters insurance creates peace of mind. So, the next time you're out and about and you hear the fire truck sirens, you can either think, "Oh, no, I'm wiped out!" or "I know I'm covered; I just hope no one's hurt."

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