“ACCORDING to the Insurance Information Institute , renters are 50 percent more likely than homeowners to be victims of burglars.
But while 96 percent of homeowners have homeowner’s insurance, which covers theft, only 43 percent of renters have such insurance, said Jeanne M. Salvatore, a spokeswoman for the institute. “And that’s a shame because a basic renter’s policy not only provides coverage for theft, it also provides coverage for personal property and liability coverage for personal injury to others,” Ms. Salvatore said.
Robert Owens, the president of the Owens Group, an insurance brokerage in Englewood Cliffs, N.J., says many renters who do not have their own insurance believe they are adequately covered by the building’s insurance policy. “The renter’s personal property is not going to be covered by the building’s policy,” Mr. Owens said…….. Kentucky Insurance info
Renters can choose between two types of coverage. “Actual cash value” coverage pays to replace damaged items after taking depreciation into account. “Replacement cost” coverage pays to replace the property at today’s cost. The premium for replacement coverage is typically about 10 percent higher…….” Renters Insurance
