HUNTINGTON -- Renters' insurance may be the least expensive insurance that exists, say some area agents.
"Of all the products we sell, it's probably the best value because they do get so much coverage for such an inexpensive premium," said Kristi Salmons, an Allstate agent in Huntington.
While a landlord's insurance will cover the apartment itself, it will not cover the tenant's personal property, according to the American Renters Association. Tenants are responsible for protecting their own clothes, jewelry, electronics, furniture and other items against loss or destruction.
Policies may be written for as little as $100 a year, Salmons said. She said Allstate recommends a $500 deductible.
Similar policies exist at other area agencies, including Nationwide Insurance, according to Barbara Erwig, sales manager for Partners Insurance & Financial Services, which represents Nationwide. She said clients usually choose a deductible from $250 and up.
"The higher the deductible, the lower the premium," she said.
Like other agents, Erwig also recommends rental insurance for all tenants.
"I always tell them, 'Think about what you do have,'" she said.
Erwig said Nationwide can offer replacement costs to replace items up to four times their depreciation cost.
Many people think they don't have that many possessions, but Erwig asks tenants to walk around a store and price how much it would cost to refurnish their homes.
Most companies' policies protect personal property in the event of fire, burglary, vandalism, electrical surge damage and other hazards, according to the renters association.
Salmons said Allstate also can insure for replacement costs or actual cash value. In the event of a fire, tenants with insurance may be able to have their moving expenses paid as well as receive funds to begin replacing their belongings.
She said policies do not cover earthquake, nuclear war, riots, civil disobedience, or intentional acts by the insured.
"People should have renter's insurance immediately. Just as soon as you rent the place," Salmons said.
She suggests tenants start their insurance even before they move in, in the event that something is stolen in the moving process.
Different policies also give tenants the opportunity to add identity theft protection and special coverages for valuables such as jewelry, she said.
Erwig said all of the tenant's contents are covered under rental insurance, plus the tenant may get liability coverage in case someone is injured while on the premises.
She also suggests tenants do their own inventory of their property, using a digital camera to document their belongings. For higher-priced items, she recommends keeping a file of receipts.
Typically someone will assess the tenant's belongings, as well.
Many insurance companies also offer discounts to customers who insure both their vehicle and possessions with the agency.
More information is available by calling Allstate at 304-525-3460 or Partners Insurance at 304-529-2777.
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