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Renters Insurance-Can You Afford To Be Without It?

ARE YOU ONE OF THE 52,000,000 WITHOUT RENTERS INSURANCE?

Let's face it, the idea of losing everything - starting over with absolutely nothing isn't something you or I ever want to face. But if you are a renter and don't have renters insurance, you stand a chance of this worst nightmare happening to you.

Look, over 81,000,000 Americans rent in the U.S. and approximately 64 of renters have never asked themselves "What's the worst thing that could happen to my personal property in the place I rent and am I willing to accept the risk of it happening to me?

WHAT RENTERS INSURANCE WILL DO FOR YOU

In case of theft or many types of damage, renters insurance will cover your personal belongings up to the amount of your policy. It can also provide you with liability protection (in case a visitor gets injured) and even temporary living expenses.

DO YOU REALLY NEED RENTERS INSURANCE

That depends. If your personal property consists of a TV, DVD player and some everyday clothes the answer is NO. If you have expensive clothes and/or furniture, jewelry, collectibles, a broad array of electronics or other significant personal property then you should definitely consider it.

Lets say your personal property is worth $10,000 (the smallest policy many companies consider). Without renters insurance, you are underwriting your own "insurance policy" by default with no coverage and a $10,000 deductible. Are you ready to handle that?

WHAT RENTERS INSURANCE WILL COVER (AND NOT COVER)

In general, a standard renters insurance policy will cover losses from:

fire or lightening; theft, vandalism; windstorm or hail; explosion; collapse of building; glass breakage; falling objects; smoke (in some cases); weight of ice, snow or sleet; plus other lesser occuring incidents.

Another benefit of renters insurance is the liability insurance you receive for protection against claims caused by unintentional acts committed by you, your family members and/or pets. $25,000 is a common basic amount but most offer coverage of $50,000 or $100,000 for a small additional charge.

>>>>What Is Not Covered<<<<

Standard renters insurance policies do not cover damage or loss from some natural disasters such as earthquakes and floods. In fact, most types of water-related losses are not covered by a standard policy. Also, loss of pets such as animals, birds or fish are usually not covered under a standard policy. Carefully review the "Losses Not Insured" section of any renters insurance you are considering buying.

WHAT A TYPICAL RENTERS INSURANCE POLICY WILL COST YOU

What you pay for a renters insurance policy depends on a number of factors. Things such as policy size ($10,000 - $40,000), the amount of deductible you choose, if you want actual or replacement cost of your possessions in case of loss, where you live (urban, suburban, rural), how disaster-prone your area is, etc.

According to one large issuer, the average annual cost of a renters insurance policy premium is approximately $195.00

WHAT ARE SOME RENTERS INSURANCE "GOTCHAS"

You can reduce (or eliminate) most "gotchas" by simply reading and understanding your policy's coverage.

There are specific limits on what you will receive for losses of certain personal property such as cash, coins, jewelry, computer systems, silverware, collectibles and so on. Check what these limits are and get extra coverage if needed.

Most types of water damage are not covered with a standard renters insurance policy. Understanding what water damage is and isn't covered is important. If this is of concern to you, get flood insurance or check on extra water damage coverage.

Choose a reasonable deductible amount - one you can live with. It's nice to be able to reduce your premium cost by going with a high deductible but make sure you can afford it in case of a loss. Common amounts are $250 and $500.

You must have some sort of proof for your loss claims. If someone broke into your place and "cleaned you out", insurance companies aren't going to take just your word for what you lost. Good, solid proof of ownership is necessary in order for your insurance company to pay you for your losses.

WHAT YOU SHOULD DO NEXT

If you haven't already, this is probably a good time to take an inventory of personal property. It will help determine if you need renters insurance and, if so, what size policy to get. $10,000 is usually the minimum with $40,000 the standard maximum. Don't make a chore out of this. Take a few days, if necessary, to compile your list adding to it as you think of more items.

If the value of your personal property is enough to deserve insurance, you will want to gather proof of ownership for each significant piece of personal property. Proof of ownership can be established with credit card statements showing purchases, purchase receipts, photographs, a video inventory and/or owners manuals with makes, models, serial numbers, etc filled in. Keep a copy of your proofs offsite.

Final Note: Some states have specific requirements of companies offering insurance to residents. You can find a link to your state's insurance department at www.InsureUonline.com to find out more.

The full version of this rental insurance article can be found at our Consumer Reports web site www.GoldKeySelect.com

Disclaimer:I have made every reasonable effort to produce an informative article on shopping for Renters Insurance based on my research and experiences. However, I make no representation or warranties of any kind with regard to its completeness, accuracy or suitability for any specific situation or purpose.

Copyright ? 2007 Gold Key Select - Renters Insurance.

Roger Fischer is webmaster and article author for www.GoldKeySelect.com, a Consumer Reports web site offering free and useful information on everything from How To Remove Broken Keys From Locks to popular Wrinkle Treatments (Cosmetic Procedures). His experience with shopping for Renters Insurance is one of the latest additions to this site.

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