INSURANCE ||| "Why is renter's insurance important? Do I need it if I live in a dorm?"

[Question] ||| "Why is renter's insurance important? Do I need it if I live in a dorm?"

[Answer] |||  "As a renter of a home, condominium, town home or apartment it is YOUR responsibility to insure your personal property and liability not the Landlord.  Any property that you moved in with or purchased in the future (i.e. clothes, furniture, electronics, etc.) will be at your expense in the event of a loss (i.e. fire, water, theft, vandalism).  If you are negligent for water or fire damage to your rented premises and/or it spreads to a neighbors home and injures someone or damages their property then it would be your Liability coverage that would defend you and pay your claim.  It can also pay additional living expenses if you needed to rent a hotel room while your residence is being repaired.

It is your choice to "self insure" (you pay out of pocket) your property and liability losses or purchase Renters Insurance that will provide comprehensive coverage for a reasonable premium. Personal Property and Liability coverage in a renter's policy covers you anywhere in the world, as well as property in storage facilities.

Most renter's policies can be acquired for less than $1 per day, depending on the amount of coverage you desire. More information can be found on my web site at www.farmersagent.com/ggeryak or by contacting me at 480-598-1110."

- Living in a Dorm?

"If living away at a dorm for school, you should look into how your personal property will be covered if a loss occurs.  Check with your facility to find out if they have any options, if they do, look for what types of losses are covered, how much they would cover and are there any exclusions for certain types of property or losses.  Also find out if how they treat coverage when it comes to roommates.  We normally recommend roommates to have individual coverage in the event one person stole or vandalized another persons property.  As a named insured on your policy you cannot vandalize or steal from yourself, so having each person carry their own coverage eliminates this concern.  If your dorm does not offer any options or even if they do, I recommend you checking with your personal insurance agent to find out what options they may have for you as well."

[ABOUT THE EXPERT] ||| Greg Geryak | Farmers Insurance Group (Geryak Insurance Agency, Inc.)

Greg Geryak is the 2009 recipient of the Ahwatukee Chamber of Commerce's "Volunteer of the Year Award," presented annually at the Chamber's "Day of Champions" event. As an Ahwatukee Foothills resident for 16 years, Geryak has been member of the Ahwatukee Foothills Chamber since 2003, and has worked extensively with the Chamber's Ambassador Committee, Public Policy Committee and Evening of Dreams. As an award recipient from Phoenix Police Neighborhood Block Watch program, Geryak's community service project - M.I.L.K.: Managing Information on Lost Kids - was established as a first step in the Amber Alert system.

ADDRESS: 10235 S. 51st Street, Suite 150
                   Phoenix, Ariz. 85044
LOCAL PHONE: (480) 598-1110
E-MAIL: ggeryak@farmersagent.com
FAX: (480) 422-7333
ONLINE: http://www.farmersagent.com/ggeryak

[NOTE] ||| The Ahwatukee Foothills News and ahwatukee.com present "Ask the Ahwatukee Area Expert" as a promotional featured intended to serve both our readers and our loyal network of advertisers, through the assistance of the local business community. "Answers" and other information presented by the "experts" are those of the contributor, and do not represent the views or opinions of the Ahwatukee Foothills News (inlcuding ahwatukee.com) or its editorial staff.