“An important coverage that can save you money!”

A recent on-line survey by Google indicates that less than 30% of all renters carry renter’s insurance (also known as an HO-4).  The majority of the respondents felt that carrying renter’s insurance was important but felt it was cost prohibitive.   In fact, renter’s insurance is an extremely important coverage and quite affordable especially when purchased in conjunction with auto insurance. 


Renter’s insurance policies cover personal property owned by the renter as well as providing coverage for personal liability.  To illustrate this point, here are two examples.  Regarding coverage for personal property, insurance will replace or repair personal property either damaged or destroyed in a covered loss such as fire or storm damage.  Regarding personal liability, if someone were to trip and fall while in your unit and sues you for their injuries, your renter’s policy will provide defense and coverage if you are found legally liable. 


You might be thinking the above two examples can’t happen to you because you are careful…but what about the neighbor in the next apartment?  Through no fault of your own you could lose everything if for instance, your neighbor started the fire.  Also, if a loss to your building is your fault you can be financially responsible to the building owner for the damage.  Your renter’s policy would cover you in this instance (subject to certain exclusions).


Purchasing renter’s insurance is a relatively simple process.  Almost any personal lines property/casualty agent can write renter’s insurance.  A good place to start is contacting the agent that currently writes your auto insurance.


So, how can purchasing renter’s insurance save you money?  If you purchase renter’s insurance coverage from the same insurance carrier that provides your auto insurance, you will save money on both your renter’s insurance and your auto insurance.  An average renter’s insurance policy runs from $150 to $175 per year.  The average annual insurance premium on an auto is $800.  Both your renter’s and auto insurance in total could decrease by $97 per year.  This translates into an effective cost of only about $6 per month for renter’s insurance.  It certainly appears that purchasing renter’s insurance is not only a smart coverage move but can be financially rewarding!


The purpose of the above article is to provide general information.  At all times, actual insurance policies should be thoroughly reviewed.

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