Consumer Alert: Renters Insurance
Insurance Commissioner Teresa Miller is reminding consumers
about the benefits of renters insurance.
If you own a home and have a mortgage, you are required to
have homeowners insurance. However, not all landlords or property managers
require tenants to have renters’ insurance, and therefore many choose not to
Your landlord or property manager will have insurance on the
space you rent, but this doesn’t mean you are covered. This coverage does not
extend to your belongings or protect you from being liable if you cause
inadvertent damage to the property, such as a kitchen fire
If you choose to shop for renters insurance, think about
what kind of coverage you need. Some renters insurance policies just cover your
belongings, while other policies also include liability coverage that can protect
you from lawsuits if someone is injured or suffers property damage while they
are on your property.
If you have roommates, it is important to take out
individual policies. If your roommate has a policy covering their property but
your name is not included on it, you and your belongings are not covered by the
Renters insurance often protects your belongings when you
aren’t at home as well. If you lose your luggage while travelling, have your
laptop stolen at a coffee shop, or have items stolen out of your car you may be
able to file a claim on your renters insurance.
Renters insurance is fairly inexpensive, and most policies range
from $15 to $30 per month.
For more information about renters’ insurance, visit www.insurance.pa.gov or contact the
Insurance Department at 1-877-881-6388.