Renter's Insurance

VIRGINIA BEACH, Va. - Whether you live in a condo, townhome or aparment, if you're a renter you need renter's insurance.

According to Ralph Rios of Allstate it's a must have. "Most renter's don't realize that there is a need to protect their belongings, [they're] unaware of the availablilty and relatively inexpensive cost of it," Rios says.

Weather can be unpredictable in Hampton Roads and with hurricane season upon us, you need to be prepared in case disaster strikes. Your landlord is only responsible for repairing the structure of the building. Any personal belongings that you have would be up to you to replace. 

Renter's insurance protects you against fire, water damage from busted pipes, theft and bad weather that may damage your belongings. Even if your next door neighbor's kitchen catches fire and spills over to your home, it's your renter's insurance that would cover your contents.

Below you'll find a list of items that would be covered:

• TVs, VCR, DVD players, computer, or any electronic devices (you would be protected against power surges)  
• Clothes
• Furniture
• Appliances (that you purchased)
• Paintings, mirrors, decor
• Basically, anything that you have purchased and brought into the property 
• Covers the cost of a hotel stay if your home were destroyed and you had to leave

Something you might not realize is that if your car was broken into and your personal belongings were stolen, it's not your auto insurance that would pay, it's your renter's insurance that would handle that claim.

The cost is roughly about $120 to $125 a year. If you break that down, that's about $20 a month or about the cost of a soda a day. Rios says, "I think it's just something that you just can't afford not to have."

You may need additional flood insurance that covers your belongings if they get damaged by rising water or if the structure is destroyed and along with it your personal items. Rios told 10 On Your Side the cost for additional flood insurance is about $100 a year. Check with your local insurance agent to see if you need extra coverage. Your current auto insurance company may offer a discount if you add on another policy. 

According to Rios, the average renter has about $30,000 worth of belongings.  "It can really add up, even someone that is just starting out you don't realize if you had to replace furniture, clothing your appliances it can add up quickly," Rios said.

Renter's insurance also covers you away from your home.  Rios gave 10 On  Your Side this example:  If you're out golfing, and accidentally knock out someone's window, your renter's insurance would take care of that too.

Click here   for more information on Renter's Insurance from Allstate

Click here  for more information on Flood Insurance from Fema