What you need to know about renter’s insurance

Thinking about renting a home? Then you should also be thinking about renter’s insurance.

Many people are struggling to make ends meet and it can be tempting to save the money, but now is not the time to scrimp on insurance,” Insurance Commissioner Mike Kreidler said in a news release today. “If you’re renting, make sure you’re covered – trying to cover losses out-of-pocket is even tougher in today’s economy. In the long run, renter’s insurance could save you a lot of money.”

The office also provides information on its Web site to dispel common misperceptions related to renter’s insurance, such as the idea that’s it’s too expensive or it isn’t worth the cost.

The average policy costs between $15 and $30 per month. Renter’s insurance can cover everything from electronics to clothing to household appliances. Even a minimal number of items could add up to thousands of dollars’ worth of merchandise, which can all be covered in a basic policy.