Renting? Don’t forget your renter’s insurance
September 21st, 2008 Categories: Real Estate News, San Diego county Real Estate News, Triathlon Club of San Diego Race Reports
SAN DIEGO– It has been reported in a survey by Allstate insurance that only 40% of the nation’s renters have renter’s insurance versus 96% of homeowners holding policies on their homes. The primary reasons for the lack of insurance by renters were not enough time to look into insurance, the belief that coverage is too expensive and they did not think their belongings were that valuable.
While I can not help you the time, I hopefully can help you see why you should find time to seek coverage which averages $15 month nationally.
First, it’s important to know your landlord’s policy will not cover your personal belongings or relieve you of personal liability. Their policy is there to cover the building and their liabilities.
While individually your belongings do not seem expensive or valuable, imagine having to replace everything you own at one time. It has been reported that the average renter has approximately $20,000 in personal belongings. If you are a triathlete or cyclist, it is a renter’s policy that would replace those bikes if something were to happen to them. This may also apply if something were to happen to them while traveling, shipping, etc. You would need to verify this with your agent, but this option is open.
Also, personal liability can be huge in our sometimes quick to sue society. Coverage from your policy would cover any costs incurred, usually medical but may include legal costs, if someone were injured at your home. This coverage could also be viable for an accident that occurs away from your 
home and may also include dog bites if you have a pet.
It is very important that you take an inventory of everything you hope to have covered. This includes clothes, jewelry, shoes, hair straightener(those things are expensive!!), bike pump, EVERYTHING!! It is best to have a written inventory and either pictures or video of items that a claims adjustor may have a hard time believing the value of. Now here’s the important part of this step….. DO NOT KEEP THIS IN YOUR HOME and have more than one copy. A safe deposit box is probably best, but at the least, have one copy with a family member and maybe one at work.
Now that you have your list, and hopefully you now appreciate how much you actually have, it’s time to contact an insurance agent. The best place to start would be with the carrier of your auto policy as most insurance carriers have multiple policy discounts. Also, make sure they are 
aware of any high dollar items such as the $10,000 Pinarello or the $12,500 Rolex. You want to make sure these items are covered.
There are a couple of other things you need should specifically speak to your agent about. Ideally you want “replacement cost” versus “actual cash value”. Replacement cost pays for the item in today’s dollars up to limits in the policy term, while actual cash value pays for the replacement cost minus depreciation. This is an important difference. Another question that may be applicable pertains to roommates. Ask specifically if your roommate can be added to the policy.
Are you convinced? Hopefully so. Remember this post is advisory only as I am not an insurance agent so PLEASE verify any information with your agent. Also, ask questions. Even if there is a one in a million shot of the scenario playing out, inquirer about it. Lastly, inventory EVERYTHING!!!
[...] I realize that is not always possible and I will do everything I can to help you. Remember, even renters are buying a home. Just not [...]
Renter’s Insurance brings peace of mind, especially if you ever have to make a claim. Do you homework and research renter’s insurance cost and coverage. You deserve the best insurance at the lowest price! Here’s a link for a good start to your research on Renter’s Insurance: Renter’s Insurance
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