Home | Newsletter | Advertise
loading...

Only 34% of Renters Have Insurance

  • March 11th 2013

by Shilpi Paul

Only 34% of Renters Have Insurance: Figure 1

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.

See other articles related to: renters, renters insurance, renting in dc

This article originally published at https://dc.urbanturf.com/articles/blog/only_34_percent_of_renters_have_insurance/6772.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse