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So you don’t need renter’s insurance?

Progressive Insurance recently conducted a Renters Survey, finding nearly seven in ten (68%) of US renters do not have insurance.  A renter’s policy would cover personal belongings and liability – both on and off the premises.  Four common myths seem to be working against this concept:

  • “Nothing will ever happen to me.”
  • “I live in a safe building, I don’t need to lock my door.”
  • “Renters insurance is too expensive.”
  • “I’m covered by my roommate’s insurance.”

Theft is actually the most common renter’s claim (American Strategic Insurance).  Tenant policies are usually inexpensive: they can be as low as $20-$25/month.  IMPORTANT TO NOTE: unless items are considered “shared goods” roommates need separate tenant policies.

Think about it – if you can afford to replace all of your personal items (furniture, clothes, shoes, decorations, lamps, pictures, kitchen items, etc.) if they are suddenly gone, then roll the dice!  Of course, that does not address the Personal Liability, Loss of Use, and Medical Payments covered as well.

So, do you need renter’s insurance after all?

Source: Independent Agent Magazine

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