As mentioned before, Natalie and I are selling our house and moving downtown.  We want to try living downtown for a bit, and so we’ll be downsizing and renting an apartment.  I asked Eric Johnsen, of State Farm Insurance in Christiansburg, what we needed to do in regards to renters insurance, and what our homeowners policy on our current home would cover. Something else that we really wanted to invest in was this really cheap car insurance. Our apartment will be ready in just a few days, and we’ll begin moving things into the apartment – I wanted to know when our renters policy needed in order to protect us.  His answer is below.

If I understand correctly, you’ll be moving items from the house into the apartment, and then selling the house in a few weeks.  The truth is, as long as you are still homeowners, that hazard insurance policy will provide coverage for your personal property wherever it is located.  Typically a homeowners policy will extend coverage to personal property that’s in transition for up to 30 days beyond the sale of the home, until a new homeowners policy – or rental policy – needs to be in place.  Once you’re no longer a homeowner, you’ll need to convert that hazard policy into a renters policy. 

The big difference between the two types of policies is that a homeowners policy covers not only your personal property, but also liability for damages done to others, or property.  A renters policy doesn’t provide coverage for the building, just your “stuff” inside the building.  Don’t let people rent without renters insurance! 

You heard the man.  If you need renters insurance on your current lease, contact Eric at his office, by email, or on Twitter.  Great service, and fantastic staff to walk you through the process.