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
Some Feel That Renters Insurance is Too Expensive
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.
What are the negatives of renters insurance? ›
Additional Expense. One of the main cons of getting renters insurance is that it can be an added expense for tenants 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 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%: 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.
Is getting renters insurance worth it? ›
Yes. If you can afford it, renters insurance is usually worth it. It will protect your belongings, provide liability coverage, and may cover your personal items when you travel. Renter's insurance protects you from a long list of perils, as well.
What happens if someone doesn't have renters insurance? ›
If you don't have renters insurance, you risk losing your personal property, and your landlord's insurance will not cover your belongings inside the rental. Your personal belongings can only be covered if you purchase a renters insurance policy, which is one of the reasons why it is important to get it.
What is typically not covered by renters insurance? ›
Keep in mind that your policy will exclude certain perils: Property damage to your buildings, roof, and siding (these are covered by your landlord) Water damage caused by flooding or underground water. Damage caused by earth movements, such as earthquakes and landslides, or caused by nuclear hazard.
Why is it bad to cancel renters insurance? ›
Terminating your policy because you just used it as a requirement for a lease could lead to non-compliance with your agreement. This could potentially result in the termination of your lease. Beyond this, you'll expose yourself to financial risks by not having renters insurance coverage.
Why is renters insurance cheaper than homeowners? ›
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.
What factors into renters insurance? ›
The cost of renters insurance depends on several factors like your location, policy deductible, total amount of coverage, and insurance carrier. Renters insurance not only pays for damage to or loss of your personal property, but it also includes personal liability, medical payments, and loss of use coverage.
It's free, simple and secure. To estimate how much renters insurance you need and how much it will cost, you'll need to consider four things: The value of your personal property, how much liability coverage you need, where you live and any other extra coverages you might want to add, based on your circ*mstances.
Will cover you if someone steals your personal information? ›
Final answer: Identity theft protection is the type of insurance that covers the risk of someone stealing your personal information. It provides services to monitor for fraudulent activities and alert individuals to potential theft.
What are 2 reasons people typically do not get renters insurance? ›
- Renters insurance isn't worth it.
- Renters insurance doesn't cover that much.
- Your landlord will cover any damage.
- You roommate's renters insurance policy will cover you.
- You're not on the lease so you can't get a renters insurance policy.
- Your personal property isn't that expensive.
- Renters insurance is too expensive.
What is the most common amount of renters insurance coverage? Renters insurance commonly covers around $30,000 in property damage and $100,000 in liability coverage.
Why has renters insurance been decreasing? ›
**Continued Decrease**: If the insurance industry experiences lower claims and losses due to improved risk management, advancements in technology, or reduced natural disasters, it is possible that the cost of renters insurance could continue to decrease.
What does renters insurance actually cover? ›
What damages to my property does renters insurance protect against in California? Renters insurance protects your stuff against several potential damages (or 'perils' in insurance speak), including theft, fire, vandalism, and water damage from things like burst pipes.
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 do you think that a majority of renters still don't take out this form of insurance? ›
Renters Insurance Is Just Too Expensive
That's only $144 per year, less than a leather jacket (and that's just one jacket, not your entire collection of clothes if you needed to replace them all). The average policy provides for $30,000 of property coverage as well as $100,000 of liability coverage.
Does the army have renters insurance? ›
A Renter Package from Armed Forces Insurance consists of two policies – Household Goods and Personal Liability.
