Renter’s insurance: safety net for renters

Several of the recent residential structure fires in our region have involved apartments or other rental properties, and in several cases, the residents lost all of their belongings.

"Renter's insurance protects against damage from many risks, including fire, but also theft, vandalism, smoke, electrical surges, and wind storms," said Derek Wing with PEMCO Insurance.

He says many renters may not realize that their landlord's insurance pays for the replacement or repair of the property owner's losses-- not the renter's damaged belongings.

"It doesn't really offer any coverage for your belongings if they're stolen, or destroyed in a fire or even a flood," Wing said.

Wing says the average renter owns about $30,000 worth of property, including furniture, electronics, and clothing. Renter's insurance costs about $200 a year on average, and yet most renters don't have coverage.

According to the Insurance Information Institute, just 37% of renter's have renter's insurance, whereas 94% of homeowners have insurance.

You can talk with your auto insurance provider to get a quote on the cost of adding renter's insurance to your policy.