What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
RENTERS INSURANCE STATISTICS
Renters insurance statistics show that renters are at greater risk of financial loss due to fire, theft, and criminal mischief than homeowners in the US. Despite the reality which renters insurance statistics show, most renters fail to purchase insurance coverage. If you rent an apartment, condo, loft, or house, pay attention to the statistics provided here and make the right choice to get coverage.
Did you know that statistics indicate approximately two-thirds of US renters don't have insurance coverage and as a result are risking serious financial loss? With these kinds of statistics in mind, you should understand that purchasing renters insurance on your home, townhouse, or condominium will take you out of that statistical set. It will protect you and your personal belongings against potential loss.
Renters Insurance Statistics Offer Wake-Up Call
Renters insurance statistics bring to light the fact that the majority of renters in the US think their landlord's insurance policy will cover their losses if a fire or other event damages their personal property. This is a fallacious assumption. The landlord's policy only covers the building and the infrastructure, not your personal belongings.
Whatever your circumstances are, based on the statistics, you need to buy coverage for such items as: clothes, shoes, jewelry, electronics, rugs, art works, antiques, televisions, books, heirlooms, and appliances.
Are you a senior citizen in retirement living on a fixed income? Did you recently go through a divorce and now live alone with your young child? Are you a student in an off campus residence attending college? Imagine how difficult it would be for you to replace your belongings if something happened. If you're living on the cheap, you couldn't afford to replace them.
The reality is that renters insurance statistics paint a scary picture for renters who don't have insurance coverage. According to the statistics, individuals who rent are far more likely to experience property crime, including car theft if you live in an apartment complex. You can kill two birds with one stone by insuring your personal property and your auto with the same provider. By doing this, you can save yourself against financial loss and also get a reduced premium on your rental policy.
Renters Insurance Statistics Provide a Glimpse of Reality
Renters insurance statistics indicate that individuals who rent also tend to forget how expensive it is to replace all of their personal items. If you sit down and do a careful estimate of the approximate value of all your stuff, you will see that it is unlikely you will have that kind of money lying around to replace it if it's all lost in a catastrophe.
This type of insurance will keep your items safe if any of the following events takes place: vandalism, water main break, electrical surge, theft, fire, hail damage, wind damage, lightning damage, and damage caused by falling objects.
Also, you need to protect yourself against potential loss if a friend is injured while in your apartment. You should add personal liability coverage to your policy to insure that you will have the means to pay their medical bills if they sued you for damages.
An additional consideration is living expenses in case of total loss. Again, the statistics show that most people think the landlord's policy is going to cover this, but it won't. You need to have money to move and to replace your lost property, so be sure to add coverage for up to 12 months in case of this misfortune.
Renters Insurance Statistics & Final Considerations
You might be concerned that your premiums will be unaffordable, but the truth of the matter is that your monthly premium will probably only run around $20. Overall, your annual premiums will be unlikely to exceed $200. The rates are definitely affordable. Helpful agents at the leading companies are standing by to provide quotes today.
You can get coverage at an affordable cost yet still cover your personal property and yourself completely just by making one phone call or clicking on the provider's website. Be sure to discuss the kind of policy you want to get. There are two kinds: actual cash value (ACV) and replacement cost value (RCV). The former is the cheaper of the two and at the time of loss the insurer will pay the actual cost of the items lost minus depreciation. The latter of the two, RCV, will be more expensive, but it will pay the actual cost to replace the items with no depreciation factored in.
It isn't necessary to be a genius to understand how important it is to get this kind of coverage. And, the renters insurance statistics provided here should be a strong indicator that you need to take action now, so that you are protected when something unexpected happens.