Only 34% of Renters Have Renters’ Insurance

KATY, Texas - July 29, 2013 - PRLog -- The reason that more renters don’t have insurance? A recent survey shows that many tenants fail to get coverage because they don’t realize they need it.

According to the survey by the NAIC, about 48 percent of tenants said they don’t need insurance because their landlord has it. However, what most tenants don’t realize, is that while the landlord’s insurance will cover the building and structures in the event of damage, their policy will not extend to coverage for the tenants personal belongings. "Most renters don't realize that their landlord's insurance usually only covers the structure and not the renter's belongings," says Laura Adams, senior insurance analyst for InsuranceQuotes.com.

The most common reason given for lack of insurance, cited by 57% of respondents, was that the tenants considered their apartment or rental home to have good security.

However, this isn’t a good reason to skip insurance, as renter’s insurance protects against much more than just theft. Fire, accidents and other disasters all come under the protection of a good renters insurance policy. Additionally, having good security is not a guaranteed protection against theft. “You never know when something is going to happen,” says Sonja Larkin-Thorne, a consumer representative for the National Association of Insurance Commissioners.

Additionally, the results of the survey found that most tenants think that insurance costs more than it actually does. About 52 percent of renters citing cost as a reason for no insurance.

“But renters often don’t realize how affordable renter’s insurance actually is,” says Michael Barry, a spokesperson for the Insurance Information Institute. In the survey, 60% of respondents guessed that renter’s insurance costs $250 a year, and 21% even estimated that it costs $1,000 or more! In reality, the average policy costs $185 a year, according to the National Association of Insurance Commissioners, meaning that renters insurance is more affordable than most people think.

For renters, having renters insurance can go a long way towards protecting their personal property. It can also help to cover legal fees and liability in case of a lawsuit, and provide for extra protection in case of damage due to fire, accident, or theft. Call Katy Texas Insurance (www.katytexasinsurance.com) today to learn which coverage a renters’ insurance policy can provide.

www.insurancequotes.com/insurance-for-renters/#.UaD6UdI3u9I