Why Buy Renter's Insurance?

A common misperception among renter's is that they are covered by their landlord’s insurance. Although landlords do carry insurance policies, they don’t protect you’re the personal assets in your apartment.

When you leave your apartment, all you have is the clothes on your back. What would happen if that’s all you had left? If a fire starts in your apartment, you can be faced with the prospect of replacing all of your material possessions. How much would it cost you to replace what you have? Even if you’re just starting out, it would cost thousands of dollars. If you’re more established, it would cost you tens of thousands of dollars. Most people are not in the position to replace all of their assets all at once. Additionally, many renter's insurance policies provide help pay for temporary housing while your rental home is being repaired or replaced. The primary reason you should invest in renter's insurance is to protect against the risk of loosing it all. renter's experience higher rates of burglary and theft than home owners. renter's insurance helps you replace stolen items. If someone falls in your apartment and gets hurt, you may be liable. renter's insurance helps protect you from the financial consequences.

How much is renter's insurance?

Surprisingly, a basic renter's insurance policy is less than $200 per year. renter's with tens or hundreds of thousands of dollars worth of personal possessions or who need larger liability coverage will pay more. Your own quote will depend on a number of factors including your previous insurance history and where you live. According to the National Association of Insurance Commissioners, the countrywide average premium for renter's insurance in 2000 was $175 for an annual policy. The premiums ranges widely by state from $104 to $239 per year. Despite the low cost and high benefits, a 2003 poll conducted by the Independent Insurance Agents & Brokers of America found that 64 percent of respondents living in rental homes had no renter's insurance.

What else do I need to know?

Additionally, consider the following to make sure you select a renter's insurance policy that’s right for you. First, all insurance policies have a deductible. The lower the deductible, the higher the insurance premium. While you can lower your premium by having a higher deductible, be sure that you can afford the deductible should disaster strike. Second, insurance policies have exclusions that you need to be aware of. Basic policies do not generally insure you for natural disasters, such as floods and earthquakes or the loss of certain items such as jewelry or art. However, you can purchase additional coverage to insure for these potential losses.

How do I buy renter's insurance?

Buying renter's insurance is easy. You can easily get a quote and purchase insurance online or you can also purchase renter's insurance from your local insurance agent.

We recommend Liberty Mutual Group for your renter's insurance needs. Please click here for more information.

Liberty Mutual Group

Liberty Mutual Group
5000 Ritter Road, Suite 103
Mechanicsburg, PA 17055
Phone: 717-795-8703 ext. 51524 or 1-800-722-5164 ext. 51524
Fax: 717-795-9680