I get sad every time I see a report about an apartment fire. The reason is because most of the time the report includes a blurb about how the residents did not have any insurance.
The property owners typically have insurance to protect the building, but that coverage does not extend to the resident's personal belongings. Without renter insurance, if there is a fire, everything you own could be gone in a matter of minutes.
So what does a renter policy cover for you? It covers more than just your stuff. So let's take a moment to review what a basic renter policy covers for you and your family.
You can choose how much coverage you need. This coverage pays to replace your possessions if there is a fire or if they are stolen.
Flat screen TV, jewelry, laptop, kitchen table etc.
Pays when you're legally liable for someone else's bodily injury or property damage resulting from an accident, negligent acts by you (on or off premises) and the acts of your pets. This coverage also includes costs to resolve claims or defend lawsuits brought against you.
Pays medical costs for people injured at your residence (other than residents of your household), regardless of liability.
Additional Living Expenses:
Covers additional living expenses if a covered loss makes your living quarters uninhabitable.
When you are looking at a renter policy with your agent, make sure to ask about specific limits for jewelry, electronics and firearms. Most policies have limits for these specific items and they are usually pretty low. The limits can be extended but typically you need to ask for the additional coverage.
You also want to make sure that you always get replacement cost coverage on your policy. We will talk about this next week in more detail. Just remember that you want it.
The great part about these policies is that they are usually less expensive than your average large pepperoni pizza. If you have any questions feel free to give me or your personal agent a call.
The bitterness of poor coverage lingers long after the sweet price is forgotten.