Friday, June 16, 2006
More Bang for Your Buck: Rental Insurance
With hurricane season officialy here, we always warn homeowners about buying insurance. But don't think if you rent, your landlord will cover everything. In tonight's More Bang For The Buck, we found getting renter's insurance is not only easy and inexpensive... It many cases, it's also essential.
WSVN--Like many South Floridians, Megan Nocerino dreads hurricane season.
Megan Nocerino: "Last hurricane season I saw a lot of people around me lose a lot of things."
But as she stocks up on supplies, she's including something extra this year - renter's insurance.
Megan Nocerino: "I like the things I have in my home and I don't feel I would ever have the money to replace them all at once."
Fortunately, Megan's learned her landlord's insurance only covers the building's foundation and major appliances.
But with her new policy, all of her possessions are also protected.
Betty Jimenez: "Pretty much all your basic items will be covered with some special limits on jewlery and guns and special art."
Betty Jimenez of First Choice Insurance says most plans cover maximum 30 thousand dollars.
She reccomends renters figure how much they'll need by estimating 5-to 7-thousand dollars per room.
Betty Jimenez: "What I tell people is think on an empty room, everything's gone what would it cost out of pocket to repair and replace and that's the coverage you should get."
If you live in a flood zone, you should also ask if your insurance covers water damage.
Betty Jimenez: "Flood insurance is not covered under the renter's policy. If youre in a flood zone, I don't want to say it's a requirement, but it's a really big deal for you to get it."
Megan's comfortable with her coverage.
For $300 dollars a year, she feels her policy could be invaluable in a major storm.
Megan Nocerino: "Once I started looking it was every easy to find affordable renters insurance just a fraction of what I thought it was going to cost."
Also remember almost all insurance companies stop writing policies once a watch or warning is issued.