Renter's insurance provides peace of mind

PRESQUE ISLE, Maine - As the days get colder, folks will be turning up the heat - and that increases the chance for a fire. Kathy McCarty met with a representative of F.A. Peabody, who says insurance isn't just for homeowners.

No one wants to lose their belongings in a fire, but not everyone knows there are insurance options available - whether you own your home, are renting or still living at home with mom and dad. Renter's insurance is an affordable option that provides peace of mind.

"It's really just a policy that protects your own personal belongings, along with liability coverage, which is kind of - it's interesting that a lot of people don't really consider the liability coverage because that's actually a pretty big exposure if you don't have any liability coverage."

Bosse says too often renters think their landlord's insurance will cover in the event of a loss or if someone is injured while visiting. But he says that's not the case; a simple trip and fall can land the renter in court.

"You might be named in a lawsuit and if you don't have any renter's insurance, you don't have any liability coverage or anything like that, then you're left to defend yourself out of your own pocket. So that liability aspect is actually really big portion of a renter's insurance policy."

And it isn't just liability, the insurance also protects your belongings.

"It's incredibly inexpensive. When you really look at the monthly cost - I mean, we're looking at, you know, $150 a year or less on almost every case. So, I mean, you're looking at 10 or 12 bucks a month, and it covers all your belongings, it covers your liability exposure."

Bosse says it's like a homeowner's policy without coverage for the building. He says it's a simple policy that protects your possessions, regardless of where you live.