Although landlords are required to have insurance on their buildings, renters don’t realize that the landlord’s policy doesn’t cover any of their personal property. Without renter insurance, you’ve got no coverage for personal property loss or damage.

Consider what would happen to your belongings if: Your apartment building burned down; a thief broke into your apartment and took everything; a guest slipped and injured himself in your kitchen; or the home you’re renting suffered water damage.

It is estimated that 30 to 60 percent of all apartment renters nationwide have no insurance to cover their personal property, industry experts say.

“Many renters don’t purchase insurance coverage because they think the building owner’s insurance policy covers them,” said Judy Roettig, executive director of the Chicagoland Apartment Assn., which represents 2,500 apartment professionals owning/managing 36,000 apartments in the Chicago area.

Experts say more renters would buy insurance if they asked themselves one question: How much would it cost to start over again if all their personal property were destroyed by a fire or stolen in a burglary?

A rental insurance policy covers personal belongings and household contents — including furniture, appliances and clothing — against loss. Renter’s insurance also protects against personal liability claims, including medical expenses and legal expenses, as well as against claims made for damage caused by you to someone else’s property.

“The best way to estimate how much coverage you should have is to list every insurable item in your apartment, then estimate the value of each item,” Roettig said. “You’ll want to take a policy that will cover the total cost of replacing the items.”

Insurance experts say all apartment renters should be familiar with the basic tenants policy. Typically, a renter’s policy covers the following perils:

nsurance experts say all apartment renters should be familiar with the basic tenants policy. Typically, a renter’s policy covers the following perils:

- Fire, lightning, windstorm, hail, explosion, vehicles, smoke, vandalism and theft.

- Falling objects, weight of snow, building collapse and overflow of water from appliance for heating water.

- Frozen plumbing, appliances, heating or air-conditioning systems and damage from artificially generated electrical currents.

MALVERN, Pa., Oct. 1 /PRNewswire-FirstCall/ — Does your auto policy cover you if your laptop is stolen out of your car? How about if you leave your car running while you run into a store and it gets stolen? Or you hit a pothole and it causes the frame of your car to bend?

Of drivers surveyed in Pennsylvania 61 percent believed their auto policy covers them if personal items are stolen from their car, when in fact that is covered under a homeowners or renters policy. Only 32 percent of respondents thought they were covered if they left their car running and their car was stolen. And, while 53 percent of drivers knew they would be covered if a pothole causes the frame of their car to bend, 33 percent thought it would be covered under comprehensive, when in fact, it would be a collision claim.

A new survey commissioned by Allstate Insurance Company entitled, “Don’t Hope So, Know So,” asked drivers a series of questions about which coverages they currently have, and if those coverages would protect them in various accident scenarios. The survey found that many consumers in Pennsylvania were confused about the coverage they had, the type of insurance they carried, and how high their deductibles were. In fact, 91 percent of drivers who initially felt confident in their auto coverage had their confidence drop by 24 points after taking the survey.

“These survey results underscore the need for Pennsylvania consumers to be better educated about their policies and what they mean,” said Meredith Joseph, Senior Communication Consultant for Allstate. “We hope these results will get people thinking about just how protected they are if the unforeseen occurs.”

Of the drivers polled, 92 percent were confident they read through their auto policy, yet only 19 percent were very confident they know their deductible limits. In the meantime, 66 percent of the respondents said they had filed a claim in the past.

Plan ahead for life-changing events: Marriage, retirement, childbirth, starting a business or even buying a home can alter the amount of life insurance required to care for your family. Make a point of reviewing your life insurance needs at least once per year.

Define your goals: Depending upon your life stage, the purpose of life insurance may be to replace a lost income or supplement a retirement pension and health benefits. Whatever the main financial goal may be, include the actual annual amount plus benefits and intangibles such as health insurance, care-taking and help with household duties. Remember, it will be necessary to pay someone else to perform those same duties in the event of an untimely death.

Add Inflation: After you have derived an estimate of the total base benefit amount, include anticipated rates of inflation. Don’t use the average government inflation rate, especially for college or health care expenditures which tend to rise far above those of other goods.

Draw-Down Period: Ideally the “perfect” amount is one that allows your family to use a combination of interest on the funds plus principle until the amount is exhausted.

Taxes: Depending upon how the life insurance is purchased and held, some portions may be taxable.

You count on us to help protect your assets. Now we have added a financial specialist to help with your financial needs such as investments and life insurance.

Mike Yablonsky may be able to help you:
· Review your current financial position and goals
· Determine an appropriate amount of life insurance protection
· Prepare for retirement using tax-deferred investments
· Turn your assets into a monthly income you can’t outlive

If you have questions now and are interested in speaking with Mike Yablonsky, please feel free to call our office at 412-920-2630

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