Pennsylvania Insurance Commissioner Alerts Consumers About Importance of Renters Insurance

HARRISBURG, Pa., Nov. 9, 2015 /PRNewswire-USNewswire/ -- Insurance Commissioner Teresa Miller is alerting consumers today about the importance of renters insurance. With the holidays quickly approaching, many people will be away from their homes for days or weeks at a time, leaving uninsured renters particularly at risk.

"More and more people, especially young adults, are choosing to rent rather than buy in today's market," said Commissioner Miller. "Too many renters don't consider purchasing renters insurance until it's too late."

Commissioner Miller is taking the opportunity to remind tenants that their belongings are not covered by their landlord's homeowners insurance in the case of theft or damage. These policies cover the space a tenant rents, but not the contents within.

Nationally, home ownership dropped to its lowest level in two decades in 2014, while the number of rented households increased by about 770,000 annually over the last decade. Young people make up a large portion of renters, with 40 percent being 35 and younger.

In particular, Commissioner Miller is advising college students to consider purchasing renters insurance. When students return home for Thanksgiving break, and for winter break shortly after, many may choose to leave behind items of value. This leaves their personal property vulnerable to theft or damage.

Many students living in university housing are covered by their parents' homeowners insurance policy; however, for those renting off-campus and for young adults living on their own, renters' insurance can protect policyholders from theft. Some policies can also include liability protection.

Most policies range from $15 to $30 per month. Many companies will allow consumers to bundle their renters' insurance with other policies, such as auto insurance, making it less expensive.

"The cost-benefit to purchasing renters insurance favors consumers," Commissioner Miller said. "Policies are generally inexpensive, and in return, renters have the peace of mind that their belongings are protected, even when they aren't home."

Commissioner Miller is also reminding renters that insurance policies are intended to protect the named insured. This means that roommates are encouraged to take out individual policies, because only the belongings of those named on the policy will be covered.

Renters can purchase policies at any point during their lease, regardless of when they signed their agreement.

For more information, visit www.insurance.pa.gov. 

­­MEDIA CONTACT: Ron Ruman, Insurance Department - 717-787-3289

SOURCE Pennsylvania Insurance Department

Related Links

http://www.insurance.pa.gov