Recently, the Insurance Research Council found that the percentage of insured renters increased from 25% to nearly 50% from 2000 to 2001. Another study, by the Insurance Agents and Brokers of America, found that 46% of renters in America had some sort of renters coverage.
Although an increasing number of renters are getting insurance coverage, this still leaves 54% of tenants without renters insurance. The 54% that do not carry renters insurance may assume that their personal property is covered by their landlord's insurance. However, as you now know, your landlord's policy only covers damage to the building and not your personal possession.
For those concerned that renters coverage is too expensive, do not let cost be a hurdle. Consider how much money it would cost you to replace all of your personal property. According to the Property and Casualty Institute, a typical renters insurance policy runs between $300 and $500 for $20,000 to $50,000 in coverage.
If cost is a major hurdle, there are ways to find cheap renters insurance. Make sure to shop around to find the best price and coverage for your situation. Another way to lower your renters coverage is to raise your deductible, but make sure you can afford to pay the deductible you choose. Installed safety devices can also lower your costs, as devices such as smoke detectors make your apartment safer.
Knowing exactly what you can lose without coverage, it may be hard to believe that 100% of renters do not have some sort of renters insurance. The good news is that you can find renters insurance without breaking the bank. You can enter your information in the form above, and let us find reasonably priced renters coverage for you.
Progressive Insurance – Leader in Online Home Insurance Quotes
Q. Will my policy pay off my car loan if my car is totaled?
A. An explanation of what happens if your car is totaled out when you still owe money on your car loan or lease. Read More
Q. Will car insurance cover my stolen personal items?
A. If someone steals personal items from your car, will car insurance cover those items? Read More
Liberty Mutual - Are You Overpaying For Home Insurance?