There are nearly 44 million renters in the U.S. and
close to 60 percent of them don’t have the kind of protections offered by renters insurance.
A big part of those who don’t have it don’t even know it exists, not to mention how much it costs, which is the price of just two movie tickets per month.
The monthly cost of a policy varies depending on the location, but it ranges from $12 to $25—for $30,000 of property and $100,000 of liability coverage. Just for the liability part alone, it’s a great value, not to mention that is a fraction of what homeowners pay.
Unfortunately, those without a policy may regret it following a burglary, a fire, or an overflowing tub. This is when they find out that their landlord’s insurance policy covers only the damage done to the structure, and not the things the renter owns inside.
That’s also when they find out that renter’s insurance also provides liability coverage—damage caused by you by doing something which accidentally harms others. Like accidentally causing a fire; or having your tub overflow, flooding the downstairs apartment; or having your delivery guy arrive with pizza, trip on your rug and end up in the hospital, where he is advised to sue you. Renter’s insurance would cover the costs of defending the suit and paying damages if it were to be successful.
So why aren’t more people using this coverage? Statistics show that homeowners understand and assume the risks involved in home ownership, but renters, most of the time, don’t even imagine the level of risk that exists when renting an apartment.
Most renters don’t know the real value of their belongings, even though the average renter in a two-bedroom apartment has about $30,000 worth of personal items. Protect yourself – get a renters insurance policy today.
