According to a recent study, 56% of millenials (adults ages 23-35) do not have renters insurance, despite more renters in this age group than ever before.
Over 1,000 renters were polled and the survey found that three-quarters of them were unaware that the coverage was quite affordable. And a whopping 40% do not believe the coverage is a necessity, despite owning thousands of dollars worth of property.
The study raises the question: If you’re a renter and don’t have renters insurance, what are you waiting for?
Renters insurance covers your possessions against damage from things such as fire, smoke, lightning, vandalism, theft and water (but not flooding) - just to name but a few. It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.
In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others. That means you will likely be protected if a friend slips and sprains his or her ankle when you host a party.
Policy buyers often struggle to determine how much their stuff is actually worth. The best way to determine value is to conduct a thorough inventory of everything you own. For valuables such as jewelry or collectibles, an endorsement to the policy can be added. That means if your wedding ring gets destroyed by the garbage disposal, you will be covered.
And best of all, because renters insurance covers only the value of your belongings and not the building you live in, the premium is relatively inexpensive. For about $10-$15 per month, you can gain peace of mind, regardless of life’s unexpected mishaps.
Plus, if you bundle your renters insurance with an auto policy, you could qualify for a multi-policy discount and end up saving some money on your auto insurance, too!
So if you’re a renter, contact us today and we’ll be happy to review your coverage needs and provide you with renters insurance options to ensure that you are properly protected.