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Insurance a smart idea for tenants

November 23, 2010 - Those moving into apartment would be well advised to protect themselves with renters insurance.

A report in the Sun Sentinel of Fort Lauderdale, Florida, said that those living in apartments may think their belongings are covered under their landlord's insurance policy. In reality, only the building itself is insured, and unless they have renters insurance, they'll have to foot the bill themselves to replace all their belongings in the event of a fire, burglary or other incident.

The paper cited data from the Insurance Information Institute which showed that just 46 percent of renters have the coverage, compared to 96 percent of people who own a home. That could mean many people moving into apartments are leaving themselves unprotected.

"Your landlord may have insurance to protect the building you are living in. But your landlord's policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired," the paper quoted Loretta Worters, the institute's vice president, as saying.

Insurance is just one way for tenants to protect themselves, though they can talk to their landlords about additional measures. Encouraging their property manager to install a burglary alarm, for instance, can help protect against theft.
 

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