Do you know who would be financially responsible for your belongings if your apartment caught on fire or was broken into? If you think that your landlord is on the hook for your stuff in the event of a catastrophe — think again.

Renters: Do you know who would be financially responsible for your belongings if your apartment caught on fire or was broken into? If you think that your landlord is on the hook for your stuff in the event of a catastrophe—think again.

One common misconception is that a landlord’s property insurance will cover the renter’s personal property. It’s true that your landlord may have insurance to protect the building you are living in, but that policy will not cover your personal possessions or pay for your living expenses while the building is being repaired.   

While most people view homeowners insurance as a necessity, many view renters insurance simply as an added protection. An Insurance Information Institute (III) poll found that only 37 percent of renters said they had renters insurance, while 95 percent of homeowners have a homeowners insurance policy. Many renters only purchase insurance if required by their landlord.           

What many renters don’t realize is that purchasing a policy won’t break the bank. The average annual premium for renters in Kentucky is only $156, according to data compiled by the III. That’s less than $14 per month! A standard renters insurance policy with KFB Insurance will help protect your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, freezing, and other disasters.    

If you’re interested in renters insurance, it’s a good idea to know the value of all your personal possessions–everything from furniture and electronics down to clothing and even kitchen utensils. The easiest way to figure out how much coverage you need is to write up a home inventory (a detailed list of all of your personal possessions and their estimated values). This will also make filing an insurance claim in the event of a covered loss faster and easier.        
 

>> At Kentucky Farm Bureau, we’re just as invested in your home as you are. We help protect what’s important to you – from farms and fishing boats to minivans and mobile homes. To see a full list of products we insure, click here.