Renters Insurance

7/6/2017 (Permalink)

Grease fire on stove tenant was cooking and fell asleep.

Fire is always a frightening event, but after the flames are extinguished, it can still be scary if you don't have renter's insurance.

The number of renters has grown dramatically in some of the most populous—and disaster-prone—U.S. cities, yet few renters actually purchase insurance, according to the Insurance Information Institute (I.I.I.)

Indeed, only 37 percent of renters have renters insurance whereas 95 percent of homeowners have a homeowners insurance policy, according to a 2014 I.I.I. poll conducted by ORC International.

“Renters insurance provides a very important financial safety net when there is a disaster,” points out Jeanne M. Salvatore, senior vice president and chief communications officer for the I.I.I. “And, renters insurance is relatively inexpensive—the average cost of a renter’s policy is only $187 per year, or less than four dollars per week.”

If you own expensive jewelry, collectibles, musical instruments or even high-end sports equipment, you may want to add a floater or endorsement to your renters policy. This would provide broader coverage for risks such as “mysterious disappearance.” So even if you lose the item, you would be covered.