Blog: 6 In 10 Renters Don't Carry Insurance
By Jim Donovan: Six in 10 Americans who rent their homes or apartments do not have renter's insurance, according to a new survey by insuranceQuotes.com.
Forty-five percent of Americans say they lack renter's insurance because it is too expensive. But a whopping 84% of Americans don't know how much it costs or think it's more expensive than it is. According to the National Association of Insurance Commissioners, the average cost is actually just $187 per year.
"Many Americans don't realize that they could be on the hook for potentially thousands of dollars if they go without renter's insurance," said Laura Adams, insuranceQuotes.com senior analyst.
Other popular reasons for not having renter's insurance include:
• Apartment/rental home has good security (59%)
• Landlord has insurance (43%)
• Don't have enough property to insure (42%)
• Don't understand how renter's insurance works (27%)
• Don't know where to get renter's insurance (20%)
"Landlord's insurance typically doesn't cover renters' belongings. And even in a highly secure area, theft, fire, and water damage and other accidents can still occur and are costly expenses to pay for out-of-pocket. Renter's insurance is an inexpensive financial safety net that every renter should have," says Adams.
Some Additional Findings:
• Millennials are the most likely of all age groups to say they don't understand how renter's insurance works and they don't know where to get insured
• 79% of Americans don't know that renter's insurance covers personal property stolen from outside of the rental home
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
