INTERVIEWER: Why do you need renters insurance?
STEVE: Well, renters insurance is needed any time you choose to rent a house or apartment. The building itself is always insured by the person or company that owns that building. Everything inside that belongs to you, your contents and everything you have, is your responsibility. The renters policy covers everything you own and have in that house or apartment.
INTERVIEWER: I have four apartments in my building. What if they catch fire? Does that solve my problem, if his fire damages me?
STEVE: No, actually, it doesn’t deal with that. That’s usually what happens; your neighbor’s apartment catches fire, and then the next thing you know, your apartment is on fire in the middle of the night. People are all over the parking lot, fire trucks are there, and your apartment is on fire. If you don’t have renters insurance, you’re in big trouble. You usually end up living at your sister-in-law’s house, or worse.
INTERVIEWER: What kind of things does it cover inside my apartment or house?
STEVE: Well, again, the building owner’s policy covers the walls, buildings, carpets, and anything that is part of the building itself. All your belongings, your clothes, your furniture, your television and your computer are your responsibility. That’s what the renters policy covers; your kitchen utensils, your clothes and your shoes. All of those things are covered by a standard rental policy.
INTERVIEWER: I have a lot of company. Does that take care of people coming to visit me? What about your clothes? What if they fall down the stairs?
STEVE: To answer the first part, your clothes are your clothes, and that’s covered by your insurance. Falling down the stairs is a big question. Unfortunately, that kind of thing happens all the time. If someone is injured while visiting you at home, they may be liable for any damages they suffer. Once again, renters insurance provides liability coverage just for that.
INTERVIEWER: Is it expensive?
STEVE: Renter fonts are not expensive. They usually cost twenty or twenty-five dollars a month. They give you great peace of mind, knowing that if the worst happens, you’re covered.
INTERVIEWER: Does that include someone breaking in?
STEVE: Yes. All policies are different when it comes to break-ins and thefts, but all policies provide coverage when someone breaks into your home and steals your belongings. There are limits on things that can be stolen, limits on the number of electronics, and limits on the number of jewelry and things of that nature, but in general, yes. You are protected against theft in all renters policies.
INTERVIEWER: Can an insurance company provide me with renters insurance?
STEVE: They can and they do every day. They have a number of different companies available, depending on your specific needs.
INTERVIEWER: Again, can you do that over the phone? I can’t take the day off to go buy it.
STEVE: Yeah, they can take care of everything over the phone in about fifteen minutes.
INTERVIEWER: Thank you.
STEVE: You’re welcome.
