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Ask your Insurance Agent. Should I buy Renters Insurance?

February 1, 2011 - Kevin Schuman
We are often asked, especially by young people just starting out, if Renters Insurance is necessary. Renter’s coverage would protect your personal belongings from many potential losses. This insurance would pay for damage caused by fire, theft, smoke, and water damage. It would also include damage to electronics caused by lightning. As a rule 10% of your contents coverage would protect away from your residence. An example would be your luggage stolen from the airport or your golf clubs from your trunk. It is important to understand the Guest Medical and Liability portion. If you had a guest fall at your home, the Medical payments would offer first dollar coverage for the injury. Should the injury be severe, the Liability will offer you protection against lawsuit. When purchasing Renters it is wise to take an inventory so as to buy enough coverage. The best policy will offer replacement of contents as opposed to depreciated value. Standard Renters Insurance usually costs between $200 and $300 per year. I believe a small price for the protection provided. Let me know what you think.


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