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), the second-largest auto insurer in the U.S., was founded in 1936 and insures more than 28 million vehicles.

To make changes, report claims, print insurance cards and purchase additional products, policyholders can log into their car insurance policy, connect via GEICO Mobile, phone or by visiting a GEICO local agent.

Homeowners, renters, condo, flood, identity theft and life coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. Commercial auto and personal umbrella coverages are also available.

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