What I Wish I Knew As A First Time Renter
Myth Debunking with Ken Parker
I was a month into my lease when I got an email from my rental agent.
“Please send us proof of your rental insurance.”
In my adulting class they hadn’t covered this. (Disclaimer: this class doesn’t exist yet in the Upper Valley.)
This just in: a source tells me this does exist in Portland, Oregon. Not surprising.
Anyway, if only it did; lives would be saved, people would be insured and maybe more of the population would know how to properly write a check.
Back to the renter’s insurance fiasco. All I could think was; how important really is it? I don’t really need it right? I’m sure it’s expensive.
Let me introduce you to Ken Parker - insurance myth debunker. “I’m amazed more people that rent don’t have a renter’s policy, but I think it’s because they don’t understand the value and what it covers,” says Ken.
According to a 2016 study from Princeton Survey Research Associates International for Insurance, “66% of 18 - 29-year-olds rent their homes and nearly 70% of them don't have renters insurance.”
If 70% of this population doesn’t have renter’s insurance then why would I need it? What am I missing?
“There are two things about renter’s insurance that people need to know,” Ken explains. “First of all … the renter’s policy provides property coverage for your clothes, your furniture, your iPhone … a variety of things that are personal property. The second thing a renter’s policy provides and in my opinion the most important thing is liability protection.”
What does this mean?
Say someone gets hurt on your property during a rousing game of ultimate Frisbee (too cliche?) and needs medical attention. “The benefit of liability coverage is that it’s there to protect you in the event you injure somebody else and they need medical attention. It protects you against the claim that they would bring in all likelihood. And usually those claims are not $5,000 claims, they’re significant claims."
And that's not all it covers.
“There’s an additional benefit called medical payments coverage. This is intended to cover relatively minor injuries by people who suffer an injury on your premises.”
Back to my earlier question - do I have to pay through the nose for this? Nope! Ken quoted me 125 -150 bucks a year. “Most people think it just would cover their clothes,” says Ken. Now I know it does so much more.
Renter’s policy questions answered. Stress-level lowered.
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