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Consider renter’s insurance

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Question:

My friend’s apartment was hit by the tornado. Now I am hearing about renter’s insurance. Is this something I should consider?

Answer:

Renter’s insurance is definitely something tenants should have.

Never assume your landlord’s insurance on the building would cover your personal possessions in case of a fire, theft, flood etc. In most cases their property insurance only covers the building’s structure. So it is a good idea to purchase your own separate policy.

Renter’s insurance many times covers your personal possession even while they are not physically in the home i.e. suitcase stolen while on vacation, in the car etc. You should also consider it for your child’s belongings while they are away at college living in a dorm room.

Renter’s insurance is not expensive. On average $10-$20 a month and that can go up on down based on your choice of a deductible. You can simply check with your insurance agent such as the one who holds your car insurance.

SOURCE: NYS Insurance Dept. www.in.state.ny.us , www.Consumeraction.gov

If you want answers to your housing questions, please email them to to@trishaocona.com.

This information is for educational purposes only. Always seek a trusted attorney and/or U.S. HUD approved counselor for all major housing transactions call (800) 569-4287 or visit ww.hud.gov to locate one.

Updated 4:43 pm, July 9, 2018
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