Do you rent? Protect yourself and your stuff!

    Do you know that over 1/3 of Americans rent?  That’s over 100 million people.  And yet, most people who rent do not have any protection in place to cover themselves or their belongings from personal or liability damages.

    Stuff happens.  Sometimes pipes burst, a spark ignites a blaze, or thieves find the unlocked door and come in and steal from you.

    Renters insurance protects against personal and liability damages.  It is very similar to homeowner’s insurance, the main difference is that it is people who rent their place and do not own their place.

    A few weeks ago, a client emailed me to thank me for recommending she get renters insurance.  The night before, she woke up in the middle of the night to find a burglar in her room!  Fortunately, when she saw the guy, he bailed and she was okay.  But still very scary!  She was left unharmed but some of her possessions were gone.  The next day, she filed a claim with her renters insurance company and, although it was still a tedious task, she was so thankful she had the protection in place to reimburse her for the belongings that were taken. 

    That’s why renters need to take a hard look at the big what-ifs. What if your possessions are ruined or stolen? What if you’re forced to find a new apartment?  If you are a renter, you need renters insurance to reimburse you for damage to your personal property or protect you if someone is injured in your home.

    Here’s what the typical renters insurance policy covers:

    • Personal Property:

    Your landlord should have an insurance policy covering the outside of the building and the grounds but will not cover your personal belongings.  So if you come home one day to a fire or your toilet overflows and floods your place and ruins your furniture, you will be the one responsible for paying to replace anything that has been damaged.  Or maybe you get robbed and the thief steals all your electronics.  Again, you will have to pay to replace anything stolen.   Renter’s insurance will cover your personal property against losses from fire, smoke, vandalism, theft, explosion, windstorm, and water damage from plumbing.

    • Liability:         

    Getting sued can get expensive.  Your renters policy protects you if a guest or visitor is injured (or their property damaged) at your place. Liability Protection helps pay your legal defense fees and any damages that are awarded. Without it, everything from your wages and personal property to your checking and savings accounts could be at risk.

    • Other Stuff:

    You can add on other clauses to your renter’s policy to cover loss of property while traveling or property stolen from other locations such as your car.  You can even add Guest Medical Protection which covers medical expenses if a guest is injured in or around your place.

    Call to Action

    If you rent, research the renter’s insurance and if it’s a good fit, get this type of coverage in place today.  Like any insurance, you will want to make sure you understand the in’s and out’s on the policy before you apply and make sure you get the right type of coverage in place based on your current financial situation and goals.

    If you have any questions, email me at Brittney.castro@lpl.com

     

    Sources

    1.     NMHC tabulations of 2011 Current Population Survey, Annual Social and Economic Supplement, US Census Bureau (http://www.census.gov/cps). Updated September 2011.

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