Renter's Insurance
Renter Answers

 If you are a renter, you should consider obtaining renter’s insurance to insure your personal property. You may be surprised by the cost of replacing your belongings as a result of an unfortunate accident. The value of your furniture, televisions, stereo equipment, computers, clothing and jewelry can easily add up to several thousand dollars.
        
Many renters mistakenly believe their property owner or manager is responsible for replacing any personal property that may be damaged or lost due to fire, theft, water damage or some other catastrophe. However, accidents such as these often are caused by renters. Common accidents are fires caused by stoves or lit cigarettes left unattended. Unless the property owner or manager is somehow responsible for the incident, you will have to pay the cost of replacing your belongings, which is why insurance is so important.
        
Even if other renters cause the accident, it may be difficult to collect any restitution since they may not have insurance or the financial resources to cover your losses. Likewise, if you cause the accident, you may have trouble paying for other renters’ possessions unless you have insurance.
        
To find out more information about renter’s insurance or obtain a quote, check the yellow pages or search for companies and information on the Internet. When shopping for insurance, don’t hesitate to ask as many questions as necessary until you feel comfortable with your final decision.
        
Besides the premium or cost of the insurance, there are other important factors to consider, such as the maximum payments by the insurance carrier on claims, the deductible or reduction from such payments, and any exclusions or limitations of the coverage. Your policy also should include coverage for any personal injuries that may occur in your rental.
        
Whether you have insurance coverage or not, it is a good idea to make a list of all of your personal possessions as well as take photographs of them. Give this information to a relative, friend or other reliable party for safekeeping. You do not want it to go up in smoke in case of fire in your rental.