Learn the Facts About Renter’s Insurance

TRUE OR FALSE?

How well do you understand the benefits of having renter’s insurance? Take the following quiz – the answers may amaze you! (Because the following answers may not apply to every policy or circumstances, please use your own good judgment about what information is appropriate for your situation.)

  • My landlord’s policy covers my things.

False: Your landlord’s insurance covers only his building structure but generally doesn’t cover your personal belongings, like your furniture, clothes and electronics – anything you’ve moved into the building. A renter’s policy will help you replace your possessions if they’re damaged by a covered peril – an event covered by your insurance causing damage to your belongings.

  • My landlord is responsible for finding me a temporary home if something happens to my building.

False: Only renter’s insurance helps you relocate and pay living expenses for covered incidents up to your policy limits.

  • The chances of my apartment being robbed are very small.

False: A burglary occurs about every 15 seconds, and rental units are burglarized 79% more than owned residences.

  • My belongings aren’t worth very much, so I don’t need renters insurance.

False: Amazingly, the average renter owns $30,000 worth of stuff. Even your smallest items, like your clothes, linens and CDs, could add up to a substantial amount if you had to replace them all at once. And bigger items, like your TV, stereo or furniture, would cost more today than what you originally paid for them. For many people, their car is not worth $30,000 and they proudly pay for insurance on their vehicle. Why would you not have renter’s insurance?

  • I should probably get renters insurance.

True: Since the average renter owns $30,000 worth of stuff, you may want to protect your belongings starting now! Renters Insurance can help you replace your possessions in case of theft, fire or other loss – and it only costs about 50 cents a day.