TUSCALOOSA, Ala. – Retail sales are up from last year, meaning renters are likely bringing more household items into their homes—and more belongings worth protecting. The Property Casualty Insurers Association of America (PCI) encourages renters to include a review of their insurance coverage on their financial to-do list. The Center for Risk and Insurance Research (CRIR) at The University of Alabama’s Culverhouse College of Business has partnered with PCI to produce an online interactive Renters Insurance Guide and a printable brochure highlighting the importance of renter’s insurance.

“A renter’s insurance policy can provide a safety net in the event of an accident, helping cover the cost of replacing personal items as well as accidental injury coverage for guests,” said Lars Powell, director of CRIR. Chris Hackett, senior director of personal lines policy for PCI, added, “This is the perfect time to get your financial house in order, and an evaluation of your insurance policies should always be part of that effort. Updating your insurance policies can give you peace of mind knowing you are properly covered for unexpected events.” Renters insurance is an affordable way to protect personal belongings, averaging about $240 per year, compared to roughly $1,092 that the average consumer spends annually on coffee. Many renters are unaware that a landlord’s insurance policy does not cover tenants’ personal belongings—only structural damage to the building.

Renters insurance can also include Additional Living Expense (ALE) coverage if a home becomes uninhabitable due to a covered loss, as well as liability coverage if a guest is injured in the home. Policies are often affordable and can frequently be bundled with auto insurance for additional savings. “As students head back to school with new laptops, tablets, bicycles, and other valuable items, it is important to consider protecting them from theft, fire, and accidental loss,” added Powell. The online interactive Renters Insurance Guide is available here: http://viewer.zmags.com/publication/780a0222#/780a0222/1

For more information, visit www.crir.culverhouse.ua.edu or www.pciaa.net. The Center for Risk and Insurance Research provides research-based information and insight for stakeholders across Alabama, including policymakers, the public, insurance companies, and industry groups. PCI represents nearly 1,000 member companies writing $216 billion in annual premiums and a significant share of the U.S. property and casualty insurance market.