Why you need Renters Insurance

Across New York State, recent college graduates are starting their first full-time jobs or moving on to graduate study. While some of them will get to telecommute and explore a new form of homework, many will join the traditional workforce. Some of these new employees will leave home and become renters. Regardless of whether the first furnishings come from a garage sale or an expensive department store, a significant and valuable addition to any rental property is renters insurance.

Many renters mistakenly believe that the property owner's insurance policy covers them. In truth, coverage is usually restricted to the building itself and seldom applies to a tenant's possessions.
For as little as $150, renters insurance can provide comprehensive protection similar to that of a basic homeowners policy. Replacement cost coverage on contents? The additional price of replacing an old item with a new one is available for an additional charge. Special coverage forms called "floaters" can provide tailored coverage for valuable property, such as jewelry, computers or camera equipment, and the cost is usually inexpensive.

The renter's policy also provides liability insurance. If a potted plant or CD player falls off your balcony and causes injury or damage, you are liable. If grandmother's oak dresser dents the walls in the apartment's lobby while carrying it into the building, you are liable. Likewise, you are responsible for the fire that starts in your apartment and spreads throughout the building. Liability insurance will pay for the amounts you owe in damages and cover legal defense costs.

Renters insurance can extend coverage away from home or even while traveling. For instance, if you hurt someone on the golf course, renters insurance will provide liability coverage, including medical expenses. Also covered is property loss, in the event that thieves break into your car and steal its contents while on vacation or at the mall.

College graduates are not the only ones who need renters insurance. There are 105 million households in the United States, and nearly one-third are rental properties.

Also ask to see you get put the Auto and Home insurance together for a discount.

If you have insurance questions please call Lester Robinson at 1-800-836-2040 or e-mail at lrobinson@thenorthwoodscorp.com

For a quote on your Auto and Home Insurance call Lester Robinson at 1-800-836-2040 ext. 3014 or go to website at http://www.wnyinsurance-quote.com/html/quotes.html

Lester J. Robinson III, FICF, CC

Insurance Broker

The Northwoods Corp.

8810 Main Street

Williamsville, NY 14221

Phone: (716) 626-0004 Ext. 3014

Fax: (716) 626-5057 Att: Lester

lrobinson@thenorthwoodscorp.com

See "the ABC's of Insurance" TV show on Time Warner Cable in Western New York hosted by: Lester Robinson