A new national survey by Trusted Choice revealed at nearly twenty-five million families (of a total 35 million homes rented, or two thirds) in the United States don’t have renter’s insurance. No insurance against fire, against theft, against a whole host of things that could happen in a rental property. All it takes is a washing machine to break down, flood the house or apartment, and destroy thousands of dollars of sensitive electronic equipment for most to realize the paltry sum renter’s insurance costs is well worth it. Not only is your stuff protected but it also provides liability coverage. Let’s say someone slips on a wet spot in your bathroom, falls, and breaks their leg… you’re liable because it occurred on your property (even if you weren’t negligent). Renter’s insurance protects you in that scenario.
The study showed that 26% felt the coverage was too expensive, 17% didn’t know they needed it (legally they don’t) and a full 8% have never heard of renters insurance! The article quotes about $20 per month for $20,000 of property coverage and a half million of liability coverage – I think the coverage is well worth it.
It’s understandable that some people are misinformed, thinking their landlord’s coverage will protect them, because if you don’t know, then you don’t know. However, if you’re reading this and don’t have renter’s insurance – you’ve been warned.
via Insurance Journal.
2 Comments
The primary reason I carry renter’s insurance is that in an apartment community, you have to trust that your neighbors won’t do something stupid. I like my neighbors and smile as I pay the insurance bill that protects me should they burn the place down!!
Thanks for contributing Anon – I agree, in an apartment complex there are a lot of people who might not be as careful or as intelligent as you. It could be something as simple as falling asleep with a lit cigarette… the fact that so many people are not covered is scary.
2 Trackbacks/Pingbacks
[...] Home Insurance Guide says that a whole potload of renters lack renter’s insurance. [...]
[...] H is for: House – How is this Frugal I is for: Identity theft- Ebony Hall, I saved your financial life today Insurance- 25 Million Renters Lack Renter’s Insurance [...]
Post a Comment