Why Does One Need Renter's Insurance

INTERVIEWER: Why do you need renter's insurance?

STEVE: Well, renter's insurance is needed whenever you choose to rent a home or an apartment. The building itself is always insured by the person or company that owns that building. Anything on the inside that belongs to you, your contents and everything that you have, is your responsibility. A renter's policy covers everything that belongs to you that you have in that home or apartment.

INTERVIEWER: I've got four apartments in my building. What if they catch fire? Does that take care of my problem, if I get damaged from their fire?

STEVE: No, as a matter of fact, it doesn't take care of that. That's usually what happens; your neighbor's apartment catches on fire, and then the next thing you know, your apartment is on fire in the middle of the night. People are all over the parking lot, fire trucks are there, and your apartment is burning. If you don't have renter's insurance, you're in big trouble. You usually end up living at your sister-in-law's house, or worse.

INTERVIEWER: What kind of things does it cover on the inside of my apartment or house?

STEVE: Well, again, the policy of the owner of the building covers the walls, the buildings, the carpeting, and everything that is part of the building itself. All your belongings, your clothes, your furniture, your TV set, and your computer are your responsibility. That's what a renter's policy covers; your kitchenware, your clothing, and your shoes. All those things are covered under a standard renter's policy.

INTERVIEWER: I have a lot of company. Does that take care of people coming to visit me? What about their clothes? What if they fall down the stairs?

STEVE: To answer their first part, their clothing is their clothing, and that's covered under their insurance. Falling down the stairs is a big question. Unfortunately, those types of things happen all the time. If someone is injured while visiting you in your home, you can become liable for any damage that they suffer. Again, renter's insurance provides liability coverage just for that.

INTERVIEWER: Is it expensive?

STEVE: Renter's polices are not expensive. They typically run at twenty or twenty-five dollars a month. They give you excellent piece of mind, knowing that should the worst happen, you're covered.

INTERVIEWER: Does that include somebody breaking in?

STEVE: It does. All policies are different when it comes to break-ins and theft, but all policies do provide coverage when somebody breaks into your home and steals your possessions. There are limits on the things that can be stolen, limits on the amount of electronics, and limits on the amount of jewelry and things of that nature, but by and large, yes. You are protected against theft on all renters' policies.

INTERVIEWER: Can an insurance firm provide renter's insurance for me?

STEVE: they can and do Every day. they have a number of different companies available, depending on your specific needs.

INTERVIEWER: Again, can they do that over the phone? I can't take the day off to come in and shop for it.

STEVE: yes, they can take care of it all over the phone in about fifteen minutes.