Millions of people choose to rent, as opposed to purchase, a home. Reasons such as being a student, saving for a down payment on a home, or simply preferring the flexibility that renting offers are all reasons why learning about renters insurance can be very helpful.
Did you know?
In 2010, the U.S. Census found that approximately 35% of all homes in America were renter-occupied.*
In 2012, a poll commissioned by Effective Coverage and conducted by ORC International found that only 31% of tenants in this country carry renters insurance.**
The average renter owns $20,000 worth of personal belongings.***
Should you get renters insurance?
Renters insurance is not mandatory in any state; however, some landlords may require tenants to purchase the insurance, and they are perfectly able to do so. As you live in your rented space, you may think avoiding renters insurance if possible is a very profitable risk. However, if an unexpected event causes your most valuable assets to be damaged or lost, there will be no compensation for your belongings.
You might think, “I don’t own anything worth insuring.” In this case, list everything you may own and their worth. If your most valuable items (appliances, furniture, treasures, etc.) were stolen, could you afford to replace them at full cost? Renters insurance can help you with potential future financial burdens. Purchasing renters insurance is a very wise decision that will protect you from devastating losses.
Your renters insurance policy can cover:
Damage or loss of contents
Cost of temporary housing if uninhabitable for a period of time
Liability insurance in case of injury
Keep in mind that with GPA Insurance Agency, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote now or speak with a friendly agent to get started!
*United States Census, 2010.
**Effective Coverage, ORC International. Low Income Renters study, 2012.
***Renters Insurance, Trusted Choice, 2017.