Why Does One Need Renter’s Insurance?

– Interlocutor: Why do you need renter insurance?

Steve: Well, renter insurance is required when you choose to rent a house or apartment. The building itself is always insured by the person or company that owns that building. Anything inside that belongs to you, your contents and everything you have, is your responsibility. The tenant policy covers everything that belongs to you in that house or apartment.

Interlocutor: I have four apartments in my building. What if it catches fire? Does this fix my problem, if I get damaged by their fire?

Steve: No, actually, you don’t care about that. This is what usually happens. Your neighbor’s apartment was on fire, then next thing you know, your apartment caught fire in the middle of the night. People are all over the parking lot, fire trucks are in there, and your apartment is on fire. If you don’t have renter insurance, you’re in big trouble. You usually end up living in your husband’s sister’s house, or worse.

– Interlocutor: What kind of things do you cover inside my apartment or house?

Steve: Well, again, building owner policy covers walls, buildings, carpets, and everything that is part of the building itself. All of your belongings, clothing, furniture, television and computer are your responsibility. This is what the tenant policy covers; Your kitchen utensils, clothes and shoes. All of these things are covered under the standard renter policy.

Interlocutor: I have a lot of companies. Does this care about people coming to visit me? What about their clothes? What if they fell down the stairs?

Steve: To answer the first part, their clothes are their clothes, and that’s covered under their insurance. Falling down stairs is a big question. Unfortunately, these kinds of things happen all the time. If someone is injured while you are visiting in your home, you can become liable for any damage they suffer. Again, renter insurance provides liability coverage for just that.

– Interlocutor: Is it expensive?

Steve: Tenant policies aren’t that expensive. They usually run at twenty or twenty-five dollars a month. They give you an excellent piece of mind, knowing that should the worst happen, you’re covered.

– Interlocutor: Does this include storming someone?

Steve: It is. All policies differ when it comes to break-ins and theft, but all policies provide coverage when someone breaks into your home and steals your possessions. There are limits on things that can be stolen, limits on the amount of electronics, limits on the amount of jewelry and things like that, but in general, yes. You are protected against theft in all tenants policies.

Interlocutor: Can an insurance company provide me with renter insurance?

Steve: They can and do every day. They have a number of different companies available, depending on your specific needs.

– Interlocutor: Again, can they do this over the phone? I can’t take the day off to come and shop.

Steve: Yeah, they can take care of it over the phone in about fifteen minutes.

Interlocutor: Thank you.

Steve: You’re most welcome.

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