Stephanie Chisolm: Hi! I am Stephanie with Wells Fargo and Company. Today we're discussing the importance of Renters Insurance and how it can protect your personal property and assets.
When you rent an apartment, condominium, or even a house your landlord will have an insurance policy but the landlord's policy will only cover the building and does not protect any of your possessions. You likely have a lot of personal property worth protecting so it's important to make sure your possession are insured and it really doesn't cost very much.
In most cases you can get Renters Insurance for less than 20 dollars a month. You may not have considered how costly it would be to replace your possessions, in a case of a fire, theft, vandalism or other event. Take a look around you then add up the value of your TV, electronic, sports equipment, furniture, clothing and other items. Could you afford to replace all of it at once?
Renters Insurances covers your personal belongings from loss cost by fire, or smoke, lightning, explosion, windstorm, water damage and theft. Also depending on where you live earthquake coverage may be purchased for an additional cost.
Keep in mind this covers all of your property not your roommates, including possessions you keep in your car, garage, or storage unit. You can be exposed to an even greater loss, because you can bear financial responsibility if you, your family members or even your pets accidentally cause harm to someone or something.
If your dog bites someone you can be health responsible for all of the medical bills. If someone is injured in your apartment, you could be liable for that expense. Renters Insurance can provide you with $100000 or more of liability coverage in the event, you accidentally cause harm to someone.
Renters Insurance is an extremely cost effective way to help ensure that if things like this happen your possessions can be replaced or that there will be funds available to help cover your legal obligation.