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Renters Insurance…Do I need it?

A consumer survey conducted last year for the Independent Insurance Agents & Brokers of America, an Alexandria, Va.-based industry association, found that nearly two-thirds of the more than 81 million people living in rental properties do not have renters insurance.

Many people think that renters insurance is not in their budget or is an unnecessary expense. However, with a little bit of research, a policy which covers personal possessions and liability coverage can be purchased for a couple dollars a day.

Renters insurance is not legally required by any state currently. A landlord can only require a tenant to purchase renters insurance for liability purposes. Most people assume that the landlord carries a policy on the home that includes coverage for someone who is injured inside the dwelling or on the property. This isn’t the case in most circumstances. Even if a landlord has liability insurance, there’s still a risk to the tenant. A lawsuit for personal injury could be very costly.

Besides concerns about liability insurance, personal possessions are very important and hold sentimental value to individuals and families. Natural disasters and fires destroy millions of homes every year. In some cases, families lose everything they own. Renters insurance pays for these lost belongings, allowing families to start over after their possessions are destroyed.

The cost associated with renters insurance can be usually be reduced by bundling with your auto insurance policy and by adjusting the limits of the deductible.

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