News and Information

WHY RENTERS NEED INSURANCE. Jay Romano. New York Times. 2007/10/07. Section 11, page 11. The Insurance Information Institute reports that renters are 50 percent more likely to be victims of burglars than homeowners are. But, according to Jeanne Salvatore, a spokeswoman for the institute, only 43 percent of renters carry renters insurance (compared with 96 percent of homeowners who have homeowners insurance). Salvatore deplores the figures because basic renters insurance not only provides coverage for theft, it also provides coverage for personal property and liability coverage for personal injury to others. Experts say that many renters do not buy their own insurance because they believe their property is covered by their building's insurance policy, which is not true. The article explains the different types of renters insurance policies, what they cover, how much they can cost, extra coverage that can be added and other benefits to carrying the coverage, such as getting discounts on auto insurance if policies are purchased from the same company.