Most tenants believe that renters insurance will cost significantly more than it actually does, reported Housing Wire on Monday. Perhaps for that reason, only 34 percent of renters have insurance.
The actual cost of renters insurance is about $185 per year, or $15 per month. However, according to a survey by InsuranceQuotes.com, most people estimate the cost to be much higher: 60 percent of those surveyed guess that the cost is about $250 per year, and one in five believe it costs $1,000 or more, perhaps a closer quote for car insurance. Additionally, many renters erroneously believe that their landlord’s insurance covers them.
Renters insurance covers the cost of replacing your possessions if something happens in the home you are renting. With homes full of laptops, cameras, and various electronics, renters insurance can potentially cover thousands of dollars in belongings.
As someone who is one degree away from people whose homes were broken into or ravaged by a house fire, consider this a rare UrbanTurf public service announcement: there is almost no reason not to have renters insurance.
This article originally published at http://dc.urbanturf.com/articles/blog/only_34_percent_of_renters_have_insurance/6772
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