Renters Insurance Info

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Home What is Covered by Renter's Insurance?
What is Covered by Renter's Insurance?

Tips to lower renters insurance rates while keeping coverage

A majority of renters choose to not carry renters insurance, as found by the Independent Insurance Agents & Brokers of America (IIABA). One of the reasons behind this was the notion that renters insurance rates were too high, and they would be unable to fit the cost into their budget, but these people did not realize that their renters insurance rate could be as low as $.33 - $.66 per day. For this price, should something occur to their personal property or if someone is injured while visiting, the insurance will pay for the items or the renters liability up to the amount set in the policy.

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What do I do to get renters insurance coverage

Renting their property was preferred by  33.8% of residents in 2000. Opting for this rather than owning a home results from a variety of reasons: saving money, not committing to a property, and planning future moves. A majority of apartment renters grosses less than $50,000 annually, and monthly rent payments are often much easier to fit into their budgets than mortgage payments. In order to save money, renters also attempt to cut costs where they can, such as neglecting to get renters insurance coverage. A recent study found that only 40% of renters had renters insurance. This means that nearly 2/3 of renters are putting their property at risk.

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Questions about coverage for a renters insurance policy

In the United States, the National Multi-Housing Council (NMHC) found that 32% of households were renters. While renting a property can allow the lessee to avoid many of the hassles of owning a home, such as paying for the cost of major repairs to the structure and paying down the mortgage, there are still additional costs renters have that many do not know about or think that they can avoid.

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