Even If You Rent, You Need Insurance

Renters face the same risk as homeowners if a disaster strikes their residence.  Your Landlord or the Condo Association may have insurance, but it will only protect the building, not your possessions inside. 

Don’t make the mistake of thinking your Landlord has to pay for the damage or cost of replacing your items.  Your Landlord carries insurance that will cover his loss in a situation where the building is destroyed or damaged in some way.  It doesn’t cover your damage.

Renters Insurance covers most of your possessions against losses from fire, smoke, lightning, vandalism, theft, wind and water damage from plumbing.  However, most policies set a limit on specific items, such as jewelry, silverware and guns.  If your valuables exceed the limit, which could be as low as $1,000, you may want to consider a Valuable Items Floater, which provides additional coverage on these items.

With Renters Insurance, you also get Additional Living Expenses.  This means that in the event of a loss, your policy will pay for the cost of additional living expenses and temporary housing.  Renters Insurance also covers you if another person is injured at your home or elsewhere by you, a family member or your pet, and even includes legal expenses if you are taken to court. 

Once you have a policy, you should take an inventory of all your possessions.  You can videotape or take photos of each room, but the inventory should also include the value and serial number if possible.  Keep receipts of major items if you can, and make sure to store your inventory list in a fireproof place or at another location.

Renters Insurance is relatively inexpensive.  Just like any other type of homeowners insurance, your premium will depend on how much coverage you choose, the deductible you decide on and whether you need additional coverage for valuable items.  Most Insurance carriers offer a discount for protective devices, such as smoke alarms, dead bolt locks and fire extinguishers.  You can also get a discount if you have your Auto Insurance with the same carrier.

Please don’t underestimate the importance of Renters Insurance.  Contact your Independent Insurance Agent today, before the unexpected occurs.

Kevin Connors is a Certified Insurance Counselor and licensed Property/Casualty and Life Insurance Agent with The Connors Insurance Agency in Mechanicville, NY.  Mr. Connors can be reached at (518)664-7307 or This email address is being protected from spambots. You need JavaScript enabled to view it.