Why Do So Many Renters Go Without Insurance?

In May 2012, a survey conducted by the Insurance Information Institute revealed that while most homeowners carry insurance coverage, only 31 percent of renters buy renters insurance. Most alarming in this report, renters outnumber homeowners in some of the United States’ largest cities.

Renters insurance provides protection against loss of your possessions when you rent a house or apartment. A renters policy covers losses caused by fire, lightning, smoke, theft, vandalism, explosion, windstorm and water damage not caused from flooding. Additional property coverage may also apply.

Equally important to the renter, is the fact that renters insurance covers your responsibility to other people injured at your premises or somewhere else by you, a family member or pet. The policy pays your legal defense costs if you are sued. If the court awards the claimant a financial settlement, your renter’s policy will respond up to your policy limit for a covered claim.

Renters insurance also provides coverage for additional living expenses if you are unable to return to your home because of damage from a covered peril. Additional living expense will pay for temporary lodging and increases in your expenses for things like meals while your home is being repaired.

The cost of renters insurance is quite inexpensive, and, if you also qualify for auto insurance in the same company you can reduce the cost even more. Call us so we can help you secure protection for your property and liability as a renter.

August 10th, 2016 by Hubbard Insurance Agency