Renters' insurance – should you get it?

If you haven't done so already, you may want to consider buying a renters' insurance policy. Except in extraordinary cases, KRF is not responsible for the damage to or theft of your personal property -- for instance due to leaks, electrical disturbance, unlocked or forced doors, and so forth. Policies are available at moderate cost from a number of sources. KRF has no business relationship with either of the following, and receives no consideration if any tenants sign on with them.

You can get a quote on coverage by contacting:
Steven Snyder
Allstate Insurance
405 Floral Vale Blvd
Yardley PA 19067
email: spab4401@allstate.com

Another good source is:
The Perzel Agency
website: www.perzelagency.com

About 81 million people live in rental apartments in the US, of whom roughly one third carry their own insurance on personal property. According to a report in The Wall Street Journal (May 26 2004), the others typically assume that the landlord's policy will replace things that are stolen or damaged. However, The Journal quotes Robert Hartwig of The Insurance Information Institute as stating that landlords are not responsible for tenants' personal goods unless it can be proved that their negligence is responsible for the loss.

You should know that there are two categories of renters' insurance, which are normally packaged into single policies.

Costs are typically about $12 to $15 per month for a liability-contents package. Some firms offer a discount if customers have automobile or other insurance policies with the company. Discounts may also be available for tenants in buildings with security systems or devices such as smoke alarms and deadbolt locks.

Robert Hunter of the Consumer Federation of America, also quoted by The Wall Street Journal, states that people "just starting out," who haven't accumulated many possessions of monetary value, probably don't need renters' insurance. Those with substantial assets probably do. The Federation has a website that may be useful to anyone trying to decide whether to buy this form of insurance, or looking for a company that offers appropriate policies. It's at www.naic.org.

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