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What is renter's insurance?

A renter's guide to insurance Anyone who rents a home or apartment knows that means writing a big check each month. But it also means you’re free from some of the normal duties that come with owning a home.

For example, there’s a good chance you won’t have to mow any lawns or shovel any snow. And if maintenance problems arise, it probably won’t be coming out of your pocketbook. It’s likely that all of those things are your landlord’s responsibilities.

But your landlord’s responsibilities don’t extend to insurance coverage. That’s why it’s important to purchase renters insurance.

Renters insurance is a type of homeowners policy that protects your belongings in the event that they’re stolen or damaged due to fire or other insured perils. Usually, renters insurance also covers damage, up to the policy limit, that you and members of your family (including pets) do to other people.

There are two types of renters insurance: replacement cost and actual cash value. Replacement cost will replace the item with one of the same type and kind. Actual cash value pays the replacement cost minus depreciation.

It’s also worth noting that typical policies have coverage limits on items like furs, fine arts and jewelry. You can purchase endorsements to make up for the additional coverage needed on these items.

It’s wise to keep an inventory of your belongings, including photos or videotapes, if possible. Store the inventory in a separate location and update it annually.

• Replacement value limits up to $2,000,000
• Optional personal property replacement cost
• Short-term rental coverage for coastal or inland properties
• Ordinance or law coverage automatically included in policy
• Optional theft coverage for contents
• Vacant property coverage
• Optional sinkhole coverage
• Premium discounts for secured community, senior/retiree or companion policy
• Trusts, partnerships, corporations and other entities may be written without personal or premises liability coverage
• Screen enclosures excluded, but buyback is available at competitive rates
• Semiannual and quarterly pay plans
• Dwellings under construction coverage

Call or visit our offices, Harry Levine Insurance today if you would like to purchase renters insurance or update an existing policy.

Neglecting to Purchase Renters Insurance

Buying a renters insurance policy can provide a very important financial safety net. Renters insurance covers personal possessions in the event there is a fire or other insured disaster. It will not only pay to replace your belongings, but also provides coverage for additional living expenses and liability protection in the event someone is injured on your property. With the average policy costing only about $200 per year, it is also affordable. Unfortunately, a 2006 Insurance Research Council pool found that only 43 percent of renters had insurance compared with 96 percent of homeowners.

A BETTER WAY TO SAVE MONEY: Look into multi-policy discounts. Purchsing several policies with the same insurer will generally provide some savings in the form of a discount, check the cost of getting your renters insurance policy with Harry Levine Insurance and see about a discount with your Auto, Life or other policies.