Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Unless you have limitless resources buying a renter’s policy makes very good sense. If you were to be sued because someone fell in your unit and was seriously injured, the judgment could bankrupt you. If a fire sweeps through the unit and destroys it. Everything you owned would go up in smoke, is that a loss you can handle?
I previously posted this piece in response to a renter insurance question. I am sharing it here, hoping that it might be of value in answer to this inquiry. Mr. Pipes provides a good summary before me and concludes with an important question. I am adding this message with a personal example of the value of this coverage.
Renter’s insurance policies provide a considerable amount of coverage for a relatively small premium. For starters, it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire, smoke, theft and several other common loss circumstances. It also provides some coverage for liability which can be of significant value. Other desired coverages can be economically added. From a personal standpoint,
I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh, NC a few years ago. Fortunately, no one was hurt but the apartment became totally uninhabitable as a result of the fire and smoke damage. Because my Sons were astute enough to have purchased a renter’s policy (…they finally listened to their Father!...) they were reimbursed for all of their burned and smoke-damaged possessions. Additionally, they received full reimbursement for living expenses elsewhere while restoration was being completed. When the landlord sued them for negligence related to the cause of the fire...which was quickly thrown-out in court...the insurance carrier provided them a defense for the negligence allegation, including the presence of a defense lawyer during the formal hearing.
All-in-all, it cost my Sons their very affordable premium and a small loss deductible to get back to their lives. Without the renter’s policy, they would have been 'hurting' for a long time!
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Renter’s insurance policies provide a considerable amount of coverage for a relatively small premium. For starters, it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire, smoke, theft and several other common loss circumstances. It also provides some coverage for liability which can be of significant value. Other desired coverages can be economically added. From a personal standpoint,
I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh, NC a few years ago. Fortunately, no one was hurt but the apartment became totally uninhabitable as a result of the fire and smoke damage. Because my Sons were astute enough to have purchased a renter’s policy (…they finally listened to their Father!...) they were reimbursed for all of their burned and smoke-damaged possessions. Additionally, they received full reimbursement for living expenses elsewhere while restoration was being completed. When the landlord sued them for negligence related to the cause of the fire...which was quickly thrown-out in court...the insurance carrier provided them a defense for the negligence allegation, including the presence of a defense lawyer during the formal hearing.
All-in-all, it cost my Sons their very affordable premium and a small loss deductible to get back to their lives. Without the renter’s policy, they would have been 'hurting' for a long time!