Q&A with John Wiscaver
Renters insurance is wise buy
for those in rental property
Q: How common is renters insurance?
A: While 96 percent of homeowners had homeowners insurance, only 35 percent of renters had renters insurance, according to a 2013 Insurance Information Institute poll conducted by ORC International. Young adults are more likely than other age group to live in rental housing, with 72 percent of householders being under the age of 30.
Q: Does a landlord’s insurance policy cover renters’ possessions?
A: Your landlord’s insurance only covers damage to the building, not to you, your guests or your personal belongings. Buying your own renters insurance with personal liability will better protect you and your personal items that are lost or damaged. In the United States, a house fire takes place every 90 seconds, and a break-in occurs every 15 seconds. Imagine losing everything because you did not have affordable coverage under a renters policy or facing an expensive lawsuit due to someone claiming you were at fault for their injury while at your home. Renters insurance protects against those possibilities.
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