PEMCO Insurance gives advice for first-time insurance buyers

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SEATTLE — There are a lot of things to think about when you are choosing an insurance policy.

It’s not the easiest topic to understand, so Derek Wing with PEMCO Insurance is giving advice to help you make the right decisions to protect yourself and others around you.

Renter’s insurance is important whether you have your own apartment or are sharing a place with roommates. Wing said about 57 percent of renters don’t have it.

“Not only do you have to worry about your own behaviors,” Wing said. “You also have to worry about the behaviors of some of your neighbors. What if they accidentally have a kitchen fire or they leave the water running and all that stuff ruins your stuff. If you don’t have renter’s insurance, you’re not going to get any money out of it. You’re not going to be able to replace your things.”

A lot of people assume their landlord covers water or fire damage, but the landlord’s insurance just covers the building itself and nothing for the tenants.

Wing said renter’s insurance is quite affordable at about 50 cents a day.

“The average person has about $30,000 worth of stuff in their apartments.” Wing said. “If you think about how much your TV costs, or your computer, or your bicycle, your clothes, your furniture, all that stuff really adds up. For 50 cents a day to protect that $30,000, it’s totally worth it.”

Car insurance is another necessity.

Wing advises people to talk to their parents’ insurance company to check if there are any discounts that can be transferred over. Also, bundle your renter and auto insurance with one company because you’ll almost always get a discount.

As for auto insurance, Wing said it’s really important to get 100/300/100 coverage which means $100,000 worth or liability, $300,000 maximum per accident and $100,000 for property damage.

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