March 2011 - RENTER’S INSURANCE

Source: Stephanie Craft-Gannett News Service
Crossett Real Estate Services

When you look around your apartment (or rental unit), you may not think what you own adds up to much.

But what if suddenly one day it all was all gone, burned in a fire, stolen, destroyed in an earthquake, hurricane or tornado?  What would it cost to replace your stereo, television, kitchen table, sofa, lamps, pictures, towels, dishes, books, shoes (computers, electronic equipment, appliances, compact disks, etc.)?

Perhaps more than you think.

Many Renters mistakenly believe their Landlord’s insurance covers Tenants in the event of a fire or burglary.  The Landlords insurance usually only covers the building itself, not a Tenant’s belongings.  “The Landlord’s responsibility ends where your door begins.”

What a basic typical policy might cover:
Personal property-virtually anything you own is considered personal property whether it is in your apartment or along with you on vacation.  (If someone steals your suitcase in Bora Bora, a Renter’s policy might cover it.

Medical bills-Coverage might apply to persons visiting your apartment or house but do not live there but are injured in your apartment or home.

Liability-If that injured visitor decides to sue you, a Renter’s policy might cover you. 

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This web page was updated on 02/25/2011.