Why Renters Need Insurance Too

What would you do if you lost everything you have except the clothes you are wearing? For many people without renters insurance, this is a real question that comes up every day. In the United States, only about 41% of people who rent have renters insurance, which is about 45 million people. Did you know that Netflix has over 50 million subscribers in the US alone? I know that number includes homeowners, but it’s crazy to think that more people buy one type of TV service in our country than have renters insurance.

If cost is a factor then I say let’s look at the numbers. The average cost of this coverage varies from state to state, but it ranges from $100 to $200 a year, which is the same cost as Hulu, Netflix, and Amazon Prime. How is it that people are willing to risk everything they own to have a video service? This is not even considering the people who have all three.

Let’s talk about renters insurance and what it will do for you. Did you know that if someone is injured at your rental property, you may be liable for damages? Renters insurance covers that. Did you know that if you were displaced from your home but still owe rent, you may have to pay for two places to live? Cover that too. Did you know that if a fire starts in your apartment complex and ruins all of your stuff, you are responsible for replacing it? I’ll give you two guesses, but only one will count. Did you know that most companies give you a discount for having a policy? Did you also know that because of how cheap the rental policy is along with the discount, it’s often free?

How can we question if something is needed that can prevent a situation that could change your whole life? For the cost of a great value meal at McDonald’s, you could get coverage in the millions of thousands. If you don’t have renters insurance, the first thing you should do after reading this is contact your agent to find out what needs to be done to get a policy. You’ll sleep easier at night knowing you made the right decision!