Many renters feel that since they don’t own the property the live in, there is no need for insurance. Surveys have revealed that over half of those who rent a house, apartment or condo have not bought renters insurance. Let’s look at some of the common reasons people don’t buy renters insurance.
Some Feel That Renters Insurance is Too Expensive
You can probably purchase $30,000 in renters insurance for under $20 per month. It’s a very small expense when you think about having to replace all of your furniture, appliances, electronics, clothes and every other item within your unit.
College Students Think Their Property is Covered Under Their Parents’ Home Policy
Under certain circ*mstances this may be true. If you are a full-time student and live in a college dorm, your personal items are probably covered under your parents’ home insurance. However, if you should decide to move off-campus or change your enrollment to part-time, you will need to buy a renters policy to cover your personal possessions.
Some Renters Feel Their Property is Insured by the Landlord
Your landlord may have property insurance to protect the building structure and common areas, but this insurance offers no protection for your furniture and other belongings inside your rented property.
Some Feel They Don’t Have Enough Property to Insure
If you take an inventory of everything you own inside your home, you will probably be very surprised. Most people own more personal property than they think. It really doesn’t take a lot of property to amount to $20,000 or more. A renters insurance policy will not only replace things, but it also offers liability protection.
Even though you rent your home, you probably own all the expensive stuff inside. If your house, condo or apartment were totally destroyed by fire, who would replace everything you own? By making a small investment in renters insurance, you have the peace of mind in knowing that you are protected from a potential loss.
Get your coverage today. Call Strawn and Co.at 770-957-9005 for more information on McDonough renters insurance.
FAQs
Many renters feel that since they don't own the property the live in, there is no need for insurance. Surveys have revealed that over half of those who rent a house, apartment or condo have not bought renters insurance.
What is the main reason someone would want to have renters insurance? ›
Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums.
How many people don't have renters insurance? ›
55 percent of U.S. renters, or 61 million people, currently have renter's insurance policies. This number could rise to more than 65 million within the next year. 75 percent of insured renters are required by their landlords to obtain renter's coverage.
Why was I denied renters insurance? ›
Possible Reasons for Denial
For example, the insurer may find that the landlord caused the damage or loss. This means that the policy would not cover the related costs, but you would have a right to seek remedies from the landlord.
What are the cons of renters insurance? ›
One of the main cons of getting renters insurance is that it can be an added expense for tenants who are already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.
What does renters insurance actually cover? ›
Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.
Is it worth buying renters insurance? ›
Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.
Is renters insurance worth buying? ›
But many replacements and accommodations are expensive and if you don't have enough saved to cover the entire bill, you're basically out of luck (and money). That's why renters insurance can be well worth the small monthly cost. Of course, an extra monthly expense is yet another thing to budget for.
What is the main reason someone would want to have and need to have renters insurance brainly? ›
Final answer:
Renters insurance is important because it covers personal property, liability, and additional living expenses not covered by the building owner's insurance.
What is the most common amount for renters insurance? ›
Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.
55%: 55% of renter-occupied homes across the United States have renters insurance. 45 million: Across the United States there are roughly 45 million renter-occupied homes. 25 million: Of the 45 million tenant occupied homes, more than 25 million of them have renters insurance.
What are two statistics about renters insurance? ›
59% of renters without insurance believe it is too expensive. The average payout per burglary claim for renters insurance is $2,500. Texas has the highest average renters insurance rate at $20 per month or $240 annually. In 2020, the number of renter-occupied housing units in the US was 44.1 million.
Why is my renters insurance so high? ›
Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.
Is a lapse in renters insurance bad? ›
The risks of a renters insurance lapse
The biggest risks of letting your renters insurance lapse are potentially large out-of-pocket expenses if your belongings are damaged or stolen while you are uninsured, but there are other risks to consider.
Does not paying renters insurance affect credit? ›
Insurance payments
Your monthly payments for life, car, renters, homeowners and health insurance may hurt your score if you pay late, but they won't help if you pay on time since they are typically not reported to the credit bureaus. You do not want to fall behind on insurance payments.
Is it worth having renters insurance? ›
Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.
Why do you think renters insurance is so much cheaper than homeowners insurance? ›
If you're looking into homeowners insurance for the first time, you'll notice that the cost of homeowners insurance may be more expensive than renters insurance. This is because a homeowners policy protects your home's structure and will typically offer more coverage than a renters policy.
Why is renters insurance so expensive? ›
Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.
Is renters insurance profitable? ›
Renters insurance can drive revenues for providers that target the right customers. Renters insurance is the sole category to register penetration gains—and they are substantial.
