Renters Forgo Renter’s Insurance

Digested from “Six in Ten Renters Lack Renter's Insurance” InsuranceNewsNet.com (2/11/15) 
Of the Americans who rent their homes or apartments 60% do not have renter's insurance, according to a new survey by insuranceQuotes.com. Renters that do have insurance total 37% and the rest do not know if they have it.  Forty-five percent of Americans say they lack renter's insurance because it is too expensive. But a whopping 84% of Americans don't know how much it costs or think it's more expensive than it is. Seventy-one percent of Americans think renter's insurance costs more than $250 per year, with 22% of that group pegging the costs at $1,000 per year or more. According to the National Association of Insurance Commissioners, the average cost is actually just $187 per year."Many Americans don't realize that they could be on the hook for potentially thousands of dollars if they go without renter's insurance," said Laura Adams insuranceQuotes.com senior analyst.

, insuranceQuotes.com senior analyst. Other popular reasons for not having renter's insurance include:

• Apartment/rental home has good security (59%)
• Landlord has insurance (43%)
• Don't have enough property to insure (42%)
• Don't understand how renter's insurance works (27%)
• Don't know where to get renter's insurance (20%)

"Landlord's insurance typically doesn't cover renters' belongings. And even in a highly secure area, theft, fire, and water damage and other accidents can still occur and are costly expenses to pay for out-of-pocket. Renter's insurance is an inexpensive financial safety net that every renter should have."

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