While I have a passion for interior design I also like to address issues that we sometimes don’t really like to think about until something happens and its too late. The topic of homeowner’s and renter’s insurance is one of them. Many people don’t know that even if they have a homeowner’s policy they may not be adequately covered. And many renters, especially among Latinos, lack renters insurance. Renter’s insurance is so inexpensive that it makes NO sense not to have it.
Take a look at my last Fox News Latino article to learn if you are properly insured or not. It can make a significant difference to your family’s future in the event of a disaster.
Casa Latina’s Guide to Protecting Your Property
By Marlene Pratt Published August 11, 2012 Fox News Latino
All right, let’s be honest the topic of homeowner’s insurance is not a sexy one. But it is a topic that is fraught with misconceptions. And these misconceptions can leave you vulnerable and dangerously uninsured.
Maybe you don’t live in a flood or earthquake zone and feel that this is not a relevant topic for you. However, if you have ANY assets or possessions you cherish, it absolutely is. The reason is that many people don’t understand exactly what their insurance covers and whether it is adequate for their particular circumstances. You and I may have the same type of home, in the same neighborhood, valued at the same amount of money. However, you may need more insurance than I do. Why you ask? There are a variety of reasons. And if you are not aware of them you may not be as properly insured as you think you are.
And for all you renters out there who are ready to tune out, if you don’t have renters insurance in the event of a disaster risk losing all the possessions in your home and having no recourse. Your landlord may have homeowners insurance but that only protects his property not your “stuff” so keep reading.
And here is a sobering statistic for us Latinos: while only about 31 percent of renters buy renter’s insurance that number drops to 15 percent amongst Hispanics.
In my quest to provide you with current and accurate information I turned to the I.I.I., Insurance Information Institute, a non-profit organization. I am NOT trying to sell you a policy. My goal is to make sure you protect yourself and your family.
First, it is important to understand that standard homeowner’s insurance covers home most major disasters with two exceptions, floods and earthquakes. With that said, let’s explore some things you may not be aware of.
Renter Insurance Realities
Did You Know?
Your landlord’s homeowner’s insurance only cover’s his property not your personal possessions. If there is a fire or other disaster and you do not have renter’s insurance it is your loss. A renter’s insurance policy will cover your belongings against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods).
Renter’s insurance is very affordable. According to the National Association of Insurance Commissioners, the average renter’s insurance policy costs about $184 per year. (This rate is based on a quote from 2009, the latest year this data is available) This translates into less than $16 per month.
To read more, click here.