Renter’s insurance a no-brainer

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: If there's a disaster and everything is ruined in my apartment, doesn't my landlord's insurance cover me? A: Not usually. Your landlord's insurance policy doesn't include your possessions; it only extends to the landlord's property. Your personal contents as a tenant are your responsibility to insure, which can be accomplished by having renter's insurance, known as a HO4 policy. Similar to a homeowner's policy, some leases even require tenants to obtain a renter's insurance policy. Required or not, insurance industry statistics indicate about 70 percent of renters polled don't have renter's insurance. What does a tenant get out renters insurance? According to the Insurance Information Institute, "Renter's insurance provides financial protection against the loss or destruction of your possession when you rent a house or apartment." Seventeen common perils are usually covered, including losses due to theft, vandalism, fire or lightning, smoke damage, water damage, windstorm or h...