Renter’s insurance: a good idea

Homeowners are familiar with homeowner’s insurance and nearly all landlords insure their buildings, but most tenants (including college dormitory residents) don’t know about renter’s (also known as tenant’s) insurance.
If you rent from a landlord or homeowner, or live in a college dorm, their insurance doesn’t cover your belongings or protect you if someone is injured in your apartment or room.
Like most other forms of insurance, there is a wide variety of policies, what they will cover, how they determine the amount to pay for a loss, payment limits and deductibles.
In addition to liability coverage (protection from a lawsuit if someone is injured or their property is damaged on your premises) some policies will pay medical expenses for a guest who is injured in your apartment.
Other coverage will compensate you for increased living expense if you are forced to live elsewhere. Some policies even cover your property, even while you are traveling - such as lost luggage.
For an additional premium (of course) some policies will cover damage from floods or earthquakes.
There is even coverage for damaged wedding or engagement presents.
Some insurance companies will offer a discount on renter’s insurance if you already insure an automobile with them. Some banks also offer these policies.
Premium payment plans exist which enable a policy holder to make monthly payments. Depending on the applicant’s history, requested coverage and payment plan, renter’s insurance premiums can be as low a $5 per month, according to industry sources.
Regardless, the cost of insurance is a lot less than the cost of not having insurance when you suffer a catastrophic loss, experts say.
The thing to remember is that it really doesn’t cost anything to find out.
- Victor G. Mimoni