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Renters Insurance Protects You from Financial Losses

Many renters do not realize how much they can lose in the event of a fire, theft, or if someone falls or is injured on their premises. You may suffer financial losses that exceed your ability to pay. Look at some of these common questions to see if you want protection against these types of losses.

Q: Why do I need renters insurance if my landlord has insurance?

A: Your landlord carries insurance to cover the building structure s/he is renting to you. The landlord's insurance does not cover your personal belongings such as furniture, pictures/paintings, clothes, appliances, television, stereo, computer, camera, coin collections, and other possessions. Anything that you’ve moved into the home or apartment you are renting is not covered. You need a renters policy to cover your personal possessions.

Q: What perils are covered by renters insurance?

A: A peril is the cause of loss or damage to possessions in your home or apartment. Insured losses normally include theft, fire, smoke, lightning, explosion, riot, vandalism, hail, and water damage from plumbing.

Q: What are the chances of my home or apartment being burglarized?

A: According to statistics from the FBI for 2005, two out of every three burglaries occur in a home or apartment residence. Average losses per burglary in 2005 were $1,725. Most (62.4 percent) of residential burglaries where the time of occurrence was known took place during the day, between 6 a.m. and 6 p.m.

Q: What is the difference between an ACV (actual cash value) and Replacement cost policies?

A: ACV policies are less expensive because they take into account the age of the item that is lost or destroyed. For example: a 5 year old Stereo is stolen. An ACV policy will only reimburse you the value of a 5 year old stereo! (Maybe $100 if you’re lucky!) A replacement policy says go buy a NEW Stereo of like Brand, quality, features as the one that was stolen and we’ll give you the money to buy it brand new!

Q: What if my child accidentally breaks a neighbor’s window?

A: A renters insurance policy covers property damage caused by you or your family members up to the policy limits. I'll discuss the family coverages available to you in your renters insurance policy.

Q: What if someone is hurt or injured on my premises?

A: Imagine someone trips on a toy left on your sidewalk, or gets hit by a ball during a game on your premises. In the event you are sued, your renters insurance policy will cover bodily and property damages, defend you and pay any damages up to the limit that you choose.

If you have questions or want to discuss your insurance needs, call your insurance agent and request a quote. Ask how much of a discount you get for multiple policies with renters insurance and auto insurance from the same insurance company.