6 out of 10 adult renters do not have renter’s insurance. If you are one of them, why don’t you have renters insurance? Whether you own or rent your living space, protecting your personal possessions is one of the most important things you can do. If a disaster were to strike, the cost of repairing and replacing your home and your possessions together can be costly. Whether it’s a natural disaster or a fire that damages your possessions, unfortunately, without proper insurance coverage, you could be facing a huge bill to deal with the aftermath. That is why homeowners are encouraged to obtain adequate homeowner’s insurance, and renters should buy renters insurance!
Why Don’t You Have Renters Insurance?
So why are many renters opting out when it comes to insurance for their rental property? These are some of the most common myths we have seen.
1. There is a good security system in place where I live. Unfortunately, a good security system is only a plus when it comes to theft. Bad weather, fires, or other natural disasters, however, cannot be stopped by a good security system. Although this is the most common reason people mention for not purchasing renter’s insurance, it does not make it a good one.
2. My landlord has insurance. Although it is never a bad thing to know that your landlord has insurance on the property; unfortunately, your landlord’s insurance does not protect you. When a landlord has coverage for rental property, it only covers the actual structure. It does not cover your personal possessions or liability. Renter’s insurance exists to protect those things for renters.
3. I cannot afford renter’s insurance. For many types of insurance, the cost of obtaining it is often a common worry people have. It is also a major reason for why renters opt out of renter’s insurance. However, for renters, insurance is actually very inexpensive! You can add a renter’s insurance policy onto your existing auto, life or health for a small cost, or take out a new policy for just as small of a cost! And remember, you get discounts on your insurance policies for bundling with most companies!
Get a Renters Insurance Quote
So, why don’t you have renters insurance? The cost is very low and renters insurance easy to purchase. The important thing about insurance is not to delay. Once you sign your lease, find out about obtaining renter’s insurance. Unfortunately, you never know when disaster can strike, so you want to be ready!