The New York Times posted a good article explaining the need for Renter’s Insurance and some specifics about the types of coverage you need.
The bottom line is that your landlord’s policy is not going to cover you in the event of a loss, except in very rare exceptions.
Feel free to call me with questions, of course – 425-646-2773.
January 27, 2012
A Word to the Wise Renter: Insurance
By SUSAN STELLIN
NEW YORKERS who have gone without renter’s insurance may want to reconsider that decision after a year of wild weather that brought down trees and damaged rooftops throughout the city.
The earthquake last August would not have been covered by most renter policies, but damage from routine weather events — wind, rain, heavy snow, lightning — typically is. So are losses related to fire, smoke, vandalism or theft.
Renter’s insurance also includes liability protection, so if someone was injured at your home and sued you, your legal expenses and any court award would be covered, generally up to a $100,000 limit. Coverage often provides living expenses should you have to move out of your apartment — say, because of a fire.
Renter’s insurance is less expensive than many people realize: a basic policy costs about $300 a year for around $50,000 worth of property protection. Many renters who go without are under the mistaken impression that their landlord’s policy covers their possessions.
“As a renter, if your personal property is damaged, you’d have to have a renter’s policy to get coverage,” said John Capuano, an associate insurance examiner with the New York State Department of Financial Services. “The landlord’s policy is not going to cover your damages.”