Protect Yourself With Renters Insurance

It is one of the most commonly repeated myths about insurance. Renters don’t need insurance because their landlord’s policy provides coverage for the renters’ property.

Renters insurance is basically like homeowners coverage without coverage for the structure. However unlike a home an apartment can have several buildings connected. This exponentially makes your chance for a fire or water damage occur, as many other units could affect your apartment and property. For example a neighbor starts fire with a cigarette, and it spreads to your apartment.

The Stats:

192 property crimes per 1000 rented households, making a renter 40% more likely to be a victim then a home owner.

U.S. Department of Justice Bureau of Justice Statistics – 2005

Average property loss in burglary is 1000

FBI – 2004

What does Renters Insurance Protect:

Renters insurance provides coverage for your possessions and for liability if someone injured while on your premises sues you. Renters insurance also covers any of your possessions when they are away from your residence, including in your car.

In addition, renters policies provide what are called additional living expenses. If some catastrophe covered by the policy — fire, bursting pipes — makes the place you are renting uninhabitable, the policy will pay some of the costs you incur to live somewhere else while the residence is being repaired.

The best part is renters insurance cost as low as 75 per year for a minimal policy, and with a typical policy costing about 250 per year.

NOTE: There are often savings on your auto insurance policy if the renters and auto insurance policy are with the same company. That savings can make the true cost of the policy sometimes nothing or a few dollars a month.

p: (512) 649-8191

f: (512) 535-0495

info@pap-ins.com

12600 Hill Country Blvd. Suite R-275
Austin, TX 78738