Resolve to Be Financially Prepared in 2018; Take Time to Purchase Renter’s Insurance
Retail sales are up from last year, and that means renters have more household items to protect. The
"A renter's insurance policy can provide a safety net in the event of an accident to help cover the cost of replacing personal items as well as accidental injury coverage for guests staying at the insured property," said
"This is the perfect time to get your financial house in order, and an evaluation of your insurance policies should always be part of that effort," says
"A renter's insurance policy gives parents, students, workers, and empty-nesters peace of mind that their personal possessions are covered and will be replaced should an unforeseen event like a fire or theft happen," said Hackett.
It is in everyone's best interest to have renter's coverage and talking with your insurer or agent is a great first step. The average consumer spends
A typical homeowners insurance policy will provide 10 percent of the personal property coverage limit for items kept away from home such as in a dorm. On the other hand, renter's insurance also covers the items that students typically take with them to an off-campus apartment.
However, renter's insurance also provides other important protection such as Additional Living Expense (ALE) coverage to help with expenses should the apartment become uninhabitable due to a covered loss such as a fire. Liability coverage can protect you if a guest injures themselves while visiting your apartment. It's always good advice to read over your policy to understand what is, and what is not covered.
Renters insurance is affordable and can frequently be bundled with auto insurance to help keep costs low. Don't make the mistake of thinking the landlord's insurance will replace the tenant's personal possessions. A landlord's policy will only cover structural damage to the building from fire or wind. The personal belongings of a tenant are not covered under a landlord's policy.
"As students head back to school with new laptops, tablets, printers, mobile devices, bicycles, stereo equipment, televisions and hard to replace items, it is important to consider protecting them from theft, fire, and accidental loss," added Powell.
The Online Interactive Renters guide is available here: http://viewer.zmags.com/publication/780a0222#/780a0222/1
Renters Insurance Brochure: https://culverhouse.ua.edu/aciir/research
For more information, visit www.aciir.culverhouse.ua.edu or www.pciaa.net
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