Now Is the Time to Buy Renters Insurance

Protecting your belongings even if you rent

Jacob Howe said it is one of the best deals he's ever had, and it's called renters insurance.

"We pay about $10 a month," said Howe.

With that $10, Howe is able to pay for a renters insurance policy that protects his family's belongings inside their five bedroom home. He said he started getting coverage when he lived in a small apartment and he still keeps up his policy.

"If you think of all the things you collect over time," said Howe, "it gets really expensive to replace if you have to do it all at once."

Renters insurance works like a regular homeowners insurance policy but does not cover the structure. The policy can cover damage to personal property from fire, theft and other problems, not including floods or earthquakes that require an additional policy.

State Farm Insurance agent Walt Waggener said too many renters believe their landlord's insurance includes them. But that's not true; renters must have their own policy.

"You either have coverage or you don't," said Waggener. "If you don't pay for the renters insurance, your landlord isn't going to take care of you. It's not their job."

Renters insurance generally runs between $10 and $25 a month depending on the policy and coverage. Waggener said when you shop for coverage, you should start with the company that insures your car.

"Often times there are discounts on your auto insurance if you purchase renters insurance with the same company," said Waggener.

Renters insurance not only includes replacing lost or damaged personal property but also can include liability protection.

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