The 5 Key Things To Know About Renter's Insurance

Hurricane Irene left lots of damage to rental properties that aren't covered

Purchasing insurance policies are normally overlooked when natural disasters haven’t taken place for some time. Hurricane Irene has reminded the 3.3 million people left in the dark that such investments are needed during times like this.

A 2006 Insurance Research Council poll found that 96% of homeowners had homeowners insurance while only 43% of renters had renters insurance. Why such a big difference? “Some renters are under the impression that it’s the landlord’s responsibility to get them insurance coverage,” Michael Barry, Vice President of Media Relations for Insurance Information Institute, told the Loop 21. “Before a renter moves in to a unit, they ought to talk to the person who issues their auto insurance policy because many auto insurers will also offer renters insurance,” Barry advised.

Hurricane Irene forced more than 370,000 NYC residents to evacuate from their homes, many leaving with the uncertainty of what they would return to after the storm.

A new estimate shows the hurricane caused $3 billion to $6 billion in insured losses. Loop 21 has the key information you need for protecting your rented property.

Know your insurance policy

If you want to change your policy before a storm hits, insurers normally will not allow it. When the storm hits, be sure to know where your insurance policy forms are and keep them safe. Also, keep the number you need to call to file a claim at hand.

Water damages? You need flood insurance