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In a recent survey only about 31% of renters surveyed carry renters insurance. Renters insurance is inexpensive and if you have car insurance it is sometimes free due to the multi-policy discounts available from most carriers. The average cost of renters insurance is approximately $184.00 per year.

A few examples of how important this coverage can be are outlined below:

1. A fire destroys all of your personal property or a burglas steals your property - this is NOT covered by your landlord, but IS covered through renters insurance up to a specified limit.

2. Your home or apartment is uninhabitable due to a fire - moving expensive and additional living expense is NOT covered by your landlord, but IS covered through renters insurance up to a specified limit.

3. Someone is injured at your home or apartment (your dog bites someone for example). This may NOT be covered by your landlord, but IS covered through renters insurance up to a specified limit.

Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic if you experience a burglary or a fire, your possessions are not covered by your landlord’s insurance. The good news is that renters insurance premiums are relatively inexpensive.

In fact, the average renters insurance policy costs only $184 per year in 2009 (the latest year this data is available) according to the National Association of Insurance Commissioners. This is less than $16 per month.

By purchasing renters insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Renters insurance covers your additional living expenses (ALE) if you are unable to live in your home because of a fire or other covered peril. ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt. It is important to know how much coverage you have, and what the limits are.

Don't go bare!

Posted 10:28 AM  View Comments

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