10/18/2011 - III reminds tenants to purchase renters insurance
While owning a home may still be a top priority for many Americans, a 2010 survey from the National Apartment Association found that nearly 80% of those surveyed believe renting to be a better option than buying.
That being the case, the Insurance Information Institute is emphasizing the importance of renters insurance.
"If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe - think again," said Loretta Worters, vice president of the III. "Your landlord may have insurance to protect the building you are living in. But your landlord's policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired."
The III indicates that renters insurance covers a variety of scenarios that may lead to a tenant's property being damaged, such as fire, smoke, lightning, vandalism, theft and windstorm.
What's more, renters insurance may cost less than most people think. According to numbers collected from the National Association of Insurance Commissioners, the average premium is $173 per year, III reports.
For more information about renters insurance from Selective, click here
or talk to your independent insurance agent