Homeowners and auto insurance are “no brainers” for most Americans. Well, why shouldn’t renter’s insurance be too?
According to a recent survey, 60% of renters do not carry renters insurance. Many people think that they can’t afford it, or it’s not important. Truth is, renters insurance is one of the most affordable and most important policies you can carry when being a renter.
More than half of renters without a renter’s policy reported that they didn’t think they could afford it. Prices vary depending on the level of coverage you choose for your policy. The average cost of a renter’s policy is about $15 a month! That’s less than what the average American worker would pay a month on coffee.
17% of renters without a renter’s policy said that they didn’t think renter’s insurance was important. Although that is far from the truth, it is very easy to think that a catastrophe won’t happen to you. In the United States, a house fire takes place every 90 seconds and break-ins occur every 15 seconds. When it comes to replacing everything you own in the event of a loss, the costs can add up very quickly. This is where renter’s insurance comes in.
If you are like the 16% of renters who choose not to purchase renters insurance and don’t fully understand what is covered, it is easy to think that you do not need it. In fact, many people assume that they are covered under their landlord’s policy or their family’s homeowner’s policy when renting at home. Your landlord’s policy only covers damage to the building, and your family’s homeowner’s policy will not cover your personal belongings, if you are over the age of 18.
Individual renter’s policies generally cover personal items that are lost due to fire, smoke, wind, hail, theft, vandalism and, in some cases, water damage.
Bottom line, avoid being the 60% of Americans that don’t have renters insurance.
For more information on renters insurance, please visit our website at www.chedwards.net
Written by: Amanda Haase