Renters Insurance

The upheavals in the housing and financial markets over the past few years have caused many Americans to re-think buying a home. Consequently more people than ever are choosing to rent an apartment, house, or condominium as a place to live. According to the latest statistics, there are now more than 85 million renters across the country and this number is expected to increase even more in the coming few years. Insurance experts warn that even though the number of people who lease a rental property is growing, the number of renters purchasing renter’s insurance is quite low. This situation has the potential to leave over 40 million people financially unprotected in the event of a theft, fire or weather-related disaster. No matter where you live in Pennsylvania, if you rent your personal residence it’s important to know the facts about renter’s insurance and how it protects your valuable possessions against loss or damage in the event of most disastrous situations.

Let’s Dispel Some Common Myths about Renters Insurance
First of all, landlords do carry insurance on the place you are renting. But typically the coverage extends only to the building itself, any fixtures they own within the apartment or home, and the land on which it is built. Any personal property which you own is strictly your responsibility to insure against loss or damage.

If someone visits your home and is injured in a fall or some other mishap (perhaps gets bitten by your dog) you are the person liable, in most cases. Not having liability coverage through your renter’s insurance can put your income, your savings, everything you own, and even your future wages at risk in the event you are sued for damages.

A normal renter’s insurance policy does not cover roommates so don’t depend on your valuable possessions being protected through someone else’s policy.

Many people think that renter’s insurance will be expensive. But on average, a typical renter’s policy will only cost around $200 to $300 a year. That’s the price of a couple of large pizzas per month or two movie tickets. You have to agree that’s a pretty good bargain! You might be thinking that you don’t own that much property and what you do have isn’t worth that much. But statistics show that the average person has about $20,000 worth of personal belongings. Would you be able to replace them all if they were damaged or lost? Remember that a renter’s policy also protects you in the event of other occurrences- an electrical fire or burst water pipe. If you live in an apartment building, this can happen in another unit but can quickly spread and cause damage to your place. Why risk it?

Smart Tips For Finding Good Coverage

  • Know What Is Covered. Generally renter’s insurance will cover property that is lost, stolen or damaged due to the following events: smoke, theft, vandalism, plumbing leaks, hail, windstorms, lightning, fire, explosions, falling objects, and electrical surges. Flood, earthquake and hurricane damage is NOT typically covered so if you live in an area where these natural disasters occur, you will need separate coverage for this.
  • Take An Inventory Of Your Possessions. Make a list of everything that you own and how much it would cost to replace all of it. You should include furniture, appliances, electronics, clothing, books and CDs, sporting equipment, art, and any other collectibles. You will probably be amazed by how much you actually own and the total value. This number will give you a good idea of the amount of coverage you need on your personal property.
  • Document Your Belongings. Save receipts. Having these will make it easier if you ever need to file a claim and can also be used as proof of loss on your taxes. Take photographs and videos of your possessions. Store all of these items in a safety deposit box or other location outside of your home.
  • Personal Liability Coverage. This protects you in the event of a lawsuit brought by someone who is injured in your home. This generally pays for legal fees and medical expenses for the injured party.
  • High-Value Property. If you own antiques, expensive jewelry or valuable artwork you may want to purchase additional coverage for these items. Let your agent know when you are writing up your policy so that you are adequately protected.

We are available to assist you 24 hours a day. When shopping around for Pennsylvania renter’s insurance, it is always a good idea to contact several different companies. This allows you to compare policies and get quotes so that you can make the best decision when it comes to getting renter’s coverage. Our trained staff can help you do this quickly and easily from the comfort of your home or office. Then you can choose a renter’s insurance policy which meets your personal needs at a price you can afford.