Renters insurance coverage protects the renter from a property loss or from damages like water and fire. It also provides protection for a liability, such as lawsuits brought by the landlord of the property, animal attacks, falls and slips, and accidents. This type of coverage is available in most areas and has an average $20 monthly premium rate for around $100,000 dollars worth of liability coverage and $25,000 dollars worth of property coverage.
Trusted Choice, a network of insurance service firms, found in a survey that alittle over 24 million American home renters did not have any insurance coverage to protect themselves from losses.
8% of the respondents without renter’s insurance had never heard about renter’s insurance before. Meanwhile, 17% said they weren’t aware that they needed renter’s insurance and 26% percent felt that renter’s insurance was too costly.
Other key findings of the study included:
* 50% of the surveyed renters owned pets. Thirty-two percent of the non-pet owners had renter’s insurance. Although renters that own pets have a higher liability exposure than renters without pets, a mere 26% of the pet owners had renter’s insurance.
* 89 % of the surveyed renters owned at least one expensive electronic device, such as a computer, camera, digital recorder, or home theater system. This group was more likely to have a renter’s insurance policy than those that didn’t own such devices.
* 53% of the surveyed renters owned at least one form of exercise or sports equipment, such as a skis, bicycles, or a home gym system. These people were more likely to own renter’s insurance than those that didn’t own such equipment.
* 31% of the renters operating a home business from their apartment, condo, or other type of rental unit had renter’s insurance policy.