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May 22, 2008   Email to Friend 

Two-Thirds Of Renters Go Without Insurance
April Henderson

Electronics, furniture, jewelry and clothing are just some of the valuable items a staggering two-thirds of the 81 million home renters in America are not protecting with renters insurance. That's according to Independent Insurance Agents & Brokers of America (IIABA) which indicates that a common misconception is the landlord's insurance policy will cover a renter's possessions.

However, in the event of a loss, a landlord or apartment complex's insurance will only cover damages to the building, leaving the renter to bear the burden of replacing or repairing personal property.

To avoid paying for these replacements out of pocket, renters should have renters insurance, a relatively inexpensive policy that costs approximately $10 to $20 a month.

Customers purchasing renters insurance from Alfa can make premiums even more affordable by having safety features such as ultrasonic local burglar alarms, smoke alarms, dead bolt locks and fire extinguishers. Ask your Alfa agent for details.

Many renters don't have insurance protection simply because they do not realize the cumulative value of their personal property.

Renters often don't realize their property can add up to more than the cost of their automobile, which by law, is covered by insurance that carries a much higher premium than renters insurance.

"The same people who would not dare drive a new car off the lot without insurance may lock their apartment and drive away with everything they own sitting unprotected," said Alfa Agent Steve Bullington of Montgomery. "It never seems like much to them until, after a disaster, they begin to replace their belongings out of their own pocket."

In addition to covering property damage, Alfa's renters insurance also covers personal liability if someone has an accident in the renters' home. The costs of defending suits and medical payments (up to the policy's limit) for situations like this, also are part of the coverage.

According to the study, some renters don't even realize this type of coverage exists. For more information about renters insurance as well as auto, life and other insurance needs, contact your local Alfa Insurance agent, or visit www.alfains.com for more details.


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