What Is Renter's Insurance?

Video Transcript

"This is John Pinelli, financial representative, talking to you today, about what is renters insurance? Renters insurance is an insurance that is purchased by tenants, to protect against stolen or damaged items, and potential liabilities that may arise within their home, so if you have a lot of expensive furniture and items, or even if you just have some basic items, that you may want to protect, in the event that they are damaged or stolen, it's a good idea to purchase renters insurance, and oftentimes, people will not realize how valuable these items are, until these items are damaged or stolen, and then they have to go out and purchase new items, then they'll realize how expensive this can be. In addition, it's important to have renters insurance, for liability coverage. Renters insurance will protect you, up to a certain amount of money, depending on your policy, say one million dollars, for things, like if someone is injured on your property, they decide to sue you for medical expenses. Now, even if their suit is completely false, and it's just a completely, it's a hoax of a suit, you'd probably still have to hire an attorney, to defend yourself in court, so the liability coverage would include coverage for an attorney. Now, if their suit ended up being something that had some merit, and that was true, and now you have to pay a claim for medical expenses, then your liability coverage within renters insurance, would also cover that as well, so those are the reasons why, it might be important for you to have renters insurance, and renters insurance will cover the few basic things such as that. Also, renters insurance can be obtained fairly cheaply, oftentimes for as little as fifteen to twenty dollars a month, you can obtain renters insurance , to cover both the liability and the property aspect, of renting a property, so this has been John Pinelli, financial representative, talking to you today, about what is renters insurance?"