Tip of the day = Renters Insurance

Since the cost is so cheap and the protection so valuable it’s surprising to most industry analysts why more apartment dwellers in the U.S. are not covered by renters insurance.

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In fact, well over 50 percent of renters in America are not presently covered by insurance, which generally offers similar types of liability and protection afforded by homeowner’s insurance.

One main reason for the lack of protection, experts say, is the general mistaken assumption that tenants are covered under their landlord’s insurance policy – but that protection only extends to the building’s common walkways and public areas.

You are responsible for loss of your own personal possessions from theft, floods or fires, and personally liable for injuries to friends or guests once they cross your apartment’s threshold.

Much like homeowner’s insurance, apartment renters are covered against fire and resulting smoke damage, and helps replace stolen possessions after theft or burglary. In addition, many policies include ALE, or Additional Living Expenses while your apartment is being repaired or replaced. Renters insurance can also protect your assets should house guests injure themselves inside your apartment and hold you personally liable.

The annual cost of basic renters insurance policy generally ranges from $200 – $300 depending on where you live. Premium amounts can rise if you opt for extra protection against loss of high ticket items, such as expensive artwork or jewelry.

On Howard’s Website, you can find out more about renters insurance and how it works, what you’re likely to pay in your area, getting the right amount of protection, what’s covered and what’s not, Just click here to learn more about renters insurance…

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