Why Renters Don't Buy Insurance
People are renters for different reasons. Regardless
whether renting is because of financial necessity or a lifestyle
preference, renters often decide that insurance isn't necessary.
Renters frequently choose not to insure for reasons such as:
Busting Renters Insurance Myths
- Insurance isn't necessary because there's
no home, garage or similar property to worry about
- There's coverage automatically provided
by my landlord, host or relative with whom I'm living
- I can't afford it
- I don't have enough possessions to insure
- There's little chance that anything will
happen to my possessions
The only thing true about the above reasons
for not getting renters insurance is that they can cause real
misery from an uninsured loss. Renters need to consider the following:
What about being sued?
- possessions are purchased over time. This
fact makes it less obvious that a renter may own tens of thousands
of dollars worth of property that needs to be insured
- Many belongings are very high-value. Renters
should consider what jewelry they own and pay particular attention
to their electronics situation (stereos, CDs, CD players, game
systems, speakers, computers, etc.) Even modest living areas can
hold lots of expensive property.
- Renters insurance is affordable, often
well under $200 per year.
- Insurance policies carried by landlords
typically offer little or no coverage for property that is owned
by tenants and guests.
- The same things that can damage a building
can damage the property in the building, particularly natural
disasters and fires; so a building's contents are very vulnerable
Renters who don't carry insurance should remember
that they also need protection for their legal obligations to
others. What if you're on a softball team with your friends and
you smash a line drive into the face of another player? Emergency
treatment and cosmetic surgery is expensive.
If you rent and you don't have insurance
you have a very good reason for contacting an insurance professional
to get you covered