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Renters


Sure you rent, but it's WHAT'S INSIDE that makes it YOUR HOME.

Your landlord's insurance covers the building, not your stuff inside.  For around the cost of a DVD a month, you can get Renters Insurance and protect the things that make your place your home.

Why You Need Renters Insurance.

No one- absolutely no one - is immune from disaster!  Therefore, it is prudent to purchase insurance.

Renters insurance is insurance on all your personal possessions inside your rented home - be it apartment, town house or single-family dwelling.

Contrary to what a lot of people believe, if your building burns to the ground, your landlord is NOT responsible for replacing your lost possessions.

Most of us tend to underestimate the combined monetary value of what we have within our homes.  However, it can add up quickly to many thousands of dollars.  Items such as clothes, furniture, jewelry, electronic equipment, TV's, DVD, computer equipment, collections, antiques, etc.

The landlord will likely have insurance, but it only protects the building, not the contents.  The general rule of thumb is that the landlord's insurance covers from the studs outward and the renters insurance from the studs inward.

Statistics in the United States show that renters experience higher rates of theft, burglary and property crime than people who own the own homes.  Other statics show that renters are in a greater danger of losing their possessions from vandalism, water damage, fire, smoke, and other weather perils.  However, despite the risks, many renters don't have insurance.

Consumer surveys indicate that almost two-thirds of renters in the US live without renters insurance.  That begs the question, "Why?"  To a large degree it is because of the mistaken belief that the property owner, or landlord, is responsible for covering a loss.  No landlord's insurance is going to pay, replace, or rebuild charred ruins of the renter's personal belongings.

Another great area of concern is liability for injuries incurred in the renter's home.  If smeone trips over a piece of furniture, or slips on a wet floor, the renter is totally responsible.  Your landlord may very well be responsible for injuries occurring outside your home, such as the loby, stairs, lawn, etc.  But remember:  When guests step through the door into your living space, they become your responsibility.

A similar scenario includes college students.  If they live on campus, their belongings are usually coverded.  But if your child lives off-campus, he or she is probably not covered and should consider obtaining renters insurance.

This brings up the subject of roommates.  Each person is responsible for insuring his or her possessions.  Joint renters insurance might be worth checking into.  Pet owners may want to be sure their policy covers a loveable pooch that turns vicious.

So, for all the reasons listed above, it is a wise decision to go shopping for renters insurance and be protected.  There are various plans that provide coverage for many possible perils.  There are various "add-ons" available for things like broken pipes or fires, when the need for alternate housing arises.

To determine how much renters insurance you need, first come up witha rough idea of the value of your possessions.  Taking an inventory is a great way to begin.  Plan to buy enough insurance to cover you in the event of a complete loss.

There are two major types of renters insurance - actual cash value and replacement cost insurance.  Actual cash value is less expensive and a claim payment takes into account the age and condition of your belongings.  A replacement cost policy will pay you to replace your property with the same or similar item at the current market price.

Contact Stratton Insurance Group to get a quote.  We all believe that it will never happen to you but there is always that chance and it can be very expensive to replace your possessions.