GEICO says renters insurance is the key to protecting your new home

WASHINGTON, D.C., January 28, 2016 – If you're renting an apartment or home for the first time, you'll want a renters insurance policy to protect your belongings. As a tenant, you are responsible for your personal property and certain liabilities. Some landlords even require that you have this coverage. Your landlord's insurance policy only covers damage to the building property and liability claims.

"Take a moment to think how much it would cost to replace your stuff in the event of a theft, vandalism or fire in your home," said John Zinno, president of GEICO Insurance Agency. "Renters insurance goes well beyond what's covered in a basic landlord's insurance policy and protects you from financial risks that are associated with taking on named perils."

A 2015 Insurance Information Institute (I.I.I.) poll suggests that only 37% of renters have insurance. Renters insurance is important because it protects renters with multiple coverage options for personal property including furniture, televisions, clothing, jewelry and computers, liability, loss of use, legal defense and medical payments.

Zinno mentions that your actual cost will depend on a number of factors, including how much coverage you need, the type of coverage options you choose, your deductible amount and where you reside. "It's always wise to have a basic understanding of what's covered in your policy as well as an estimate of the value of your items if they ever need to be replaced."

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GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 15 million private passenger customers, insuring more than 24 million vehicles (auto & cycle).

Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.

GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Inc. Commercial auto insurance and personal umbrella protection are also available.

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