Most Renters Unprotected from Theft

Are you renting your home?  87 million Americans are now, especially as the number of foreclosures increases.  But while homeowners are required to purchase home insurance  as a mortgage requirement, renters aren’t forced to buy renters insurance. 

Only 40% of renters have the coverage they need.  As a result, over 50 million people are unprotected from loss of their personal property.

Renters insurance usually is pretty cheap because it only protects your stuff, like your clothes, TV, computer, camera, etc. 

Many renters mistakenly believe they are covered through their landlord’s insurance, but if there’s a theft you’re on your own; the landlord’s property insurance only covers the actual building.

Do I Need Renters Insurance?
Think you don’t own enough to justify the cost?  Talk a walk around your living room with a calculator and start adding things up.  TV – $600, DVD player – $250, computer – $1300 – it totals up pretty quickly.  If everything your family owned disappeared tomorrow, how long before you could afford to buy it all again?

There were over 2 million burglaries in 2006, and that number has continued to climb as the economy has weakened.  I was a burglary victim earlier this year so I know how important this type of insurance can be.  It made me realize just how vulnerable we could be, especially since the thief also got a set of keys (we changed all the locks on EVERYTHING within the hour).

Renters insurance frequently costs less than $200/year – isn’t it worth $15 a month to make sure that you and your family are safe?