It is estimated that over 30% of residents in the US are living in a rental home and out of this 30%, only 41% of these renters have renter’s insurance, according to a 2016 Insurance Information Institute poll, compared to 95% of homeowners who have homeowners insurance.
So why is it that these renters are not purchasing rental insurance? Some reasons include:
- Many people incorrectly assume they are covered by their landlord’s policy.
- People underestimate the value of their belongings.
- Misalignment of liability: If someone is injured in your house – a friend, neighbor, or the pizza delivery person – they could sue you.
With that being said, read on below for a few of the top reasons you might want to purchase renters insurance today.
1. Repair or replacement of stolen items
If you add up the value of just your clothing and electronics, it probably wouldn’t take long to get into the thousands of dollars. If these items were to be stolen or damaged in an accident than you would need to pay out of pocket. If you were to have rental’s insurance you would be covered for your things (clothes, furniture, electronics…that kind of stuff) up to your coverage limit.
It also important to note that your property doesn’t have to be in your apartment at the time that it is stolen for it to be covered. If your luggage is stolen while on vacation, for instance, some policies will reimburse your losses, and it is common practice for insurance companies to cover belongings stolen from your car.
2. It fills coverage gaps
Renters insurance can also fill gaps that other policies can’t cover, like your auto insurance. Let’s take this scenario…
You’re in a rush to get home because your expecting a package. You see it at your front porch and dart directly at the door, leaving all your belongings in the car overnight. During that night, a criminal walks and snatches your laptop that you left on the passenger seat. You come out the next day to a broken window and a laptop-less car, but you have auto insurance so your fine! Right? While the window might be covered, most auto insurance policies don’t cover personal items left inside. But renters insurance does! In this case, your renters insurance could help replace your stolen laptop.
3. It’s actually very affordable
The average renters insurance policy is Connecticut ranged from $280 – 330. One of the best and most affordable policies we’ve seen is from our partners Amica, with an annual average rate of $182 based on a Value Penguin study.
Renters insurance is affordable and worthwhile. You can get renters insurance quotes easily through us, which makes shopping for this must-have insurance simple and easy. If your belongings are stolen, damaged or destroyed by fire, storms, smoke, vandalism or other covered causes, renters insurance provides you with peace of mind because you know they’ll be replaced.
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Pawson Insurance | Legal Disclaimer |
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