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Renters Insurance - A Small Investment for a Potentially Large Benefit (Spring 2013) << Back
If you're currently renting a house or apartment, you should strongly consider an investment in renter's insurance. No one likes to think about the possibility of a fire or a burglary, but these are real possibilities. 
Burglars can break in while you're away and steal your computer, entertainment system, jewelry, and other valuable items. Without renter's insurance, you will have thousands of dollars in out-of-pocket costs to replace the stolen items. By contrast, if you have renter's insurance, you will receive a check that covers the cost of the stolen items.
Maybe you believe there is little risk of a burglary in your area, but what about the risk of fire? Fires strike randomly and can begin in electrical wiring over which you have no control. It's unpleasant to contemplate, but you could come home to find that everything you own has been destroyed. With renter's insurance, you would have a check in hand to begin refurnishing your life.
Yet another scenario for which renter's insurance can be of enormous benefit is personal liability. If a visitor is injured in your home, for example, by falling down the steps, you could be liable for their medical bills. Renter's insurance would cover this liability.
Some renters are under the impression that their possessions are covered by their landlord's insurance. This is rarely true. Typically, the landlord's insurance covers loss or damage to his property, not yours. Your landlord's insurance also covers his liability in case anyone is injured on the property because of his sole liability, not because of yours.
Before speaking with our staff about renter's insurance, look around your house or apartment and take an inventory of items you would need to replace in the event of a catastrophe. Before you get a policy or immediately thereafter, you should record information on all of your personal belongings. It would certainly help you to have photos of these items for identification purposes.  Be sure to discuss any special high value items, such as antiques, furs, and jewelry with us since you may need extra coverage for these items.
Like most other insurance policies, your renter's policy will have deductibles. A deductible is an amount of loss you will have to absorb yourself before receiving any money from the insurance company. You can lower your insurance premium by accepting a higher deductible, but this means if there is a loss, you must absorb more of it from your own pocket.
Renter's insurance usually does not cover damage from floods or earthquakes, but you may be able to get endorsements for these and other "acts of God." An endorsement extends the perils covered by your policy. Obviously, you must pay an extra premium for the extra coverage.
Most renter's can get comprehensive coverage for just a few hundred dollars a year, depending on where you live and the amount of belongings you own. Considering the risks covered by renter's policies, this is a low cost for the potential benefits! 
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AHTKY Insurance Agency, LLC
1451 W. Artesia Blvd, Suite A, Gardena, California 90248
CA License: 0C46036