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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 purchase it.

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 policy.

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.