Why do I need renters insurance?


Whether it's a car, home, health or life, everyone will at some point need insurance. With that in mind, Bankrate sat down with some of the top experts in the insurance field to get their thoughts on the industry and what consumers need to know.

Madelyn Flannagan, Vice President of Educational Research and Agent Development, Independent Insurance Agents and Brokers of America:

Renters today don't typically buy renters insurance and they really need to know that the owner of the home or the apartment that they're living in doesn't cover their personal content and their personal liability. Renters insurance is fairly inexpensive. It can cover everything in your apartment as well as if somebody trips and falls in your apartment. So definitely, renters insurance is highly recommended.

Jim Whittle, Chief Claims Counsel, American Insurance Association:

You are not covering the apartment building, let's say. What you are really covering is liabilities that might occur if somebody would slip and fall on your property, your contents for example or anything down to as I understand it, in most instances, the sheetrock.

One of the ways that people can make sure they have got a good idea of what their contents are is to take a video or to write up a list on a piece of legal pad. Or using a sheet that is already prepared by most insurers that enables you to download it from their website and it enables you to tick off all of your contents. When you are looking through that list afterwards you might say wow that is a really nice piece of furniture. Or that is a really nice painting or this is some very nice jewelry. That may prompt you and you probably should then ask am I covered for these items.

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