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Tuesday, April 5, 2016

Renter’s Insurance

Mike Feudale, with A Cleaner World’s Restoration Dry Cleaning, recently met three female friends that had been renting a house together.  The circumstances surrounding the meeting were rather grim – he had to go by their home to pick up a fire order.  Sadly, they had a house fire – and didn’t have renter’s insurance.  The homeowner had homeowner’s insurance, so the dwelling itself will be covered.  Unfortunately, the contents of the home are not covered.

According to Mike, that’s a common occurrence – dealing with fire orders from rental houses without renter’s insurance.  In talking with folks, Mike finds that most people fall into one of three categories:
  • The thought of needing renter’s insurance never occurs to them.
  • They think the coverage is too expensive.
  • They don’t see the importance of having it.   
If you are a renter, why should you purchase renter’s insurance?  
  • It’s actually pretty affordable.  The cost of the policy varies by location and the value of the items being insured.  The Independent Insurance Agents & Brokers of America reports that the average cost for renter’s insurance is approximately $12 per month for $30,000 worth of property and $100,000 of liability coverage.  Liability coverage can be added to a renter’s insurance policy.
  • It repays the renter in the event of a loss – and not just due to a fire.  It may also cover things like damage from inclement weather, vandalism, water, and theft.  
  • Your landlord may require it, and may ask for proof of coverage.  Mike said that many of the newer apartment complexes are requiring tenants to have renter’s insurance.
  • Renter’s insurance not only covers your personal belongings in your residence but also if they are in your car or if you are traveling on vacation.
  • It could pay for unexpected expenses associated with living somewhere else temporarily should your home not be fit to live in due to one of the covered dangers.
Don’t wait until a disaster occurs before investigating renter’s insurance.  Ask someone you trust for the name of a proficient insurance agent so that you won’t have to endure such a hardship should a disaster happen in your home.

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