Insurance Commissioner Teresa Miller is reminding consumersabout the benefits of renters insurance.
If you own a home and have a mortgage, you are required tohave homeowners insurance. However, not all landlords or property managersrequire tenants to have renters’ insurance, and therefore many choose not topurchase it.
Your landlord or property manager will have insurance on thespace you rent, but this doesn’t mean you are covered. This coverage does notextend to your belongings or protect you from being liable if you causeinadvertent damage to the property, such as a kitchen fire
If you choose to shop for renters insurance, think aboutwhat kind of coverage you need. Some renters insurance policies just cover yourbelongings, while other policies also include liability coverage that can protectyou from lawsuits if someone is injured or suffers property damage while theyare on your property.
If you have roommates, it is important to take outindividual policies. If your roommate has a policy covering their property butyour name is not included on it, you and your belongings are not covered by thepolicy.
Renters insurance often protects your belongings when youaren’t at home as well. If you lose your luggage while travelling, have yourlaptop stolen at a coffee shop, or have items stolen out of your car you may beable to file a claim on your rentersinsurance.
Renters insurance is fairly inexpensive, and most policies rangefrom $15 to $30 per month.
For more information about renters’ insurance, visit www.insurance.pa.gov or contact theInsurance Department at 1-877-881-6388.
