& Feeley, we often get asked by our tenants about the need for renter's
insurance and what it covers? We asked the experts at Winooski Insurance to
answer this question. Joe Burkhard, President of Winooski Insurance tells us that
renter's insurance is designed to cover your personal property you own while
renting an apartment. It also provides
coverage for liability insurance if you are negligent and cause bodily injury
or property damage to another party.
Why is having
this coverage important for a renter?
says, your landlord is not responsible for your personal property should the apartment,
condo or house you are renting be damaged, resulting in the destruction of your
personal property. If your building
suffered damage from a fire, windstorm or lightning, for example, you can
easily lose all of your belongings and have to start over. The renter’s insurance policy will provide
coverage for losses of this nature and if you choose adequate coverage, restore
you back with a settlement.
multiple renters in a building would certainly increase the chance of a loss
more than a single family home. Each tenant can increase the chance of a loss as
a result of their personal habits and put you and your property at risk. For example, a neighbor may like to burn
candles or smoke in their apartment. Those kinds of behaviors could make your apartment more prone to a loss
due to their lifestyles and choices. Grilling
on the back deck can cause severe fire losses - something we can all relate to.
part of the coverage is something people rarely think about - liability. You might be asking why you would need
liability coverage as a tenant. Here are
several reasons: If your pet injures
another person is an easy one but what about someone tripping on a rug in your
apartment or a guest slipping in your shower? Let’s go back to grilling on your deck for a minute. Here’s a likely scenario: you cause substantial damage to the building
you are renting. The landlord’s
insurance policy will pay for damages and then look to you for recovery of the
damages since you were the party that was negligent. Ouch! Did you know that was a possibility? Well, it sure is and it happens all the time.
Joe’s recommendation: always purchase as much liability coverage as
you can afford.
Base policies come with
$100,000 but buy more. It only costs
$14-$20/year to increase to $300K or $500K. In Vermont the cost for a policy is
about $150/year for $10,000 of coverage for your personal belongings. For more information about renter's insurance, contact Joe Burkhard at Winooski Insurance, 802-655-9000.