More than half of respondents do not own renter’s insurance, “six percent of those without renter’s insurance think their landlord’s policy will cover their personal belongings, thirty-three percent of respondents cited the reason they don’t have renter’s insurance is because it’s too expensive, while 27 percent said they don’t have enough property to warrant a renter’s policy.”
Are you one of the many that thinks your landlord’s policy covers your stuff? Unfortunately your landlord is only protecting his/her interest in their property, structural damage but not your Ipod or sofa.
A surprise to some is the fact a renter’s policy does not just cover your stuff but also offers liability protection. If your friend decides to fall down and break his/her arm on your insured premises then it will be covered.
Another impressive aspect of a renter’s insurance policy is the coverage of most of your personal property in your car. To help scare you into buying this insurance the U.S. Department of Justice says, “theft from a motor vehicle occurs at almost twice the rate for renters than for those who own their home.”
Some of the personal property covered by renter’s insurance includes “furniture, appliances, clothing, and household goods from fire, theft or vandalism and jewelry, furs, guns, silverware, computers, and business equipment up to special limitations.”
If you are now ready to take out your cash, check or credit/debit card to buy one of these you might want to know some prices. According to PEMCO for $40,000 of property coverage it will cost between $130-$160 a year or $10-$13 per month. If your auto insurance company or other company you have insurance with offers renter’s insurance you might be able to get a discount.
Purchasing this insurance is a great idea if you have valuables you want to protect. The cost is minimal for the amount of coverage and the peace of mind. Give your auto insurance company a call and see if they have renter’s insurance and what kind of deal you can get.
» NowWhat.com Educates About Renters Insurance & Auto Insurance. Part 2 from TheInsurancePolicy
Taking off from yesterday’s post about Auto Insurance Education on the NowWhat.com website I’ll dive into the renters insurance portion. If you’re currently renting you might want to check out the Now What website to learn more ... [Read More]
Tracked on: May 1, 2007 12:23 PM | Permalink to Trackback