The couple stood way back watching with horror as the fire consumed their apartment. The horror was compounded by the fact that they had no insurance coverage -- a common oversight among renters. For some reason, many renters don't purchase the Homeowners insurance designed for renters, maybe because "Homeowners" is misleading.
Except for the actual building, renters have the same exposures as home, townhouse, and condominium owners. Their risks include personal property, injured guests, liability for acts on the premises, and additional living expenses when their unit is rendered unlivable. Those are the basic coverages of a Homeowners policy, and the renter's premiums are much less expensive because the building needs no coverage.
Insurance wont make it easier for the couple as they watch the fire, but it sure will help them face the morning after.
Contact our office with questions about renter's insurance, or any other topic.
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