Are You A Renter? Insure Your Stuff!

Are You A Renter? Insure Your Stuff!

By John Voket

I need a bunch of you – specifically you renters – to take a moment and
consider an important piece of advice about your stuff. If you love it, then
make an extra effort to protect it.

Did you know the majority of homeowners buy insurance, but just one in three
college-aged renters insures their belongings? Even more shocking: at least
half of all renters fail to buy any insurance protection for their possessions.

Way too many consumers are under the mistaken impression that their landlord’s
policy will cover their losses, according to the Connecticut Better Business
Bureau. BBB says renter’s insurance generally covers property damage or loss
caused by theft, fire, vandalism or storms. In addition, most policies include
liability coverage, which protects a tenant if someone gets hurt when visiting
their home or apartment.

The cost of renter’s insurance is usually lower than homeowner’s insurance
because it covers only personal property and liability, not the structure. The
amount of the deductible can also affect the cost of premiums.

two types of renter’s insurance coverage are available:

Actual cash value insurance pays to replace items up to
     the policy’s limits, minus a deduction for depreciation.

Consider the value of possessions versus the cost of insurance - even a college
student can have property worth several thousand dollars, such as computers,
televisions, furniture, jewelry or small appliances.

When seeking a renter’s insurance quote: