Migration (or return) to city centers has become a well-documented socio-spatial trend of the early 21st Century. This urban influx has led to an increase in the number of renters in relation to homeowners. In a 2006 survey of the 11 largest American metropolitan areas, five cities had more renters than homeowners. In 2013, that same study showed that the majority of residents were renters in 10 of America’s largest cities. Despite this fact, data from the Insurance Research Council shows that while 96% of people have homeowners insurance, but only 37% of renters have a rental insurance policy. There are several excellent reasons to purchase a renter’s insurance policy.
1. Renters Have Great Stuff!
While a tenant may not own the place, they own the contents, and that’s what really makes a home. Most people undervalue their possessions, but factoring in just clothes and electronics, the average house can easily claim thousands of dollars worth of goods.
2. A Landlord’s Policy Won’t Cover A Renter’s Loss
A landlord who is in the business of renting homes and not just renting out an extra unit will likely have a landlord’s insurance policy rather than a homeowner’s policy. This won’t cover the contents in the event of loss. Only a renter’s policy will provide reimbursement for the personal effects damaged/lost.
3. It Can Cover Your Property, Wherever You Take It
Many renter’s insurance policies cover specific possessions, it’s almost like taking out an individual policy on each item. That means that your policy extends to items whether they are in the apartment, in the car, or anywhere else.
4. It Can Cover More Than Property
Many renters are unaware that they can be liable for injuries that people suffer while guests are in their rented home. If someone gets hurt in your apartment, a good rental policy can protect you from a costly lawsuit for damages.
5. It Can Cover Costs If the Renter is Displaced
If, heaven forbid, a disaster makes living in the rented space impossible, coverage might extend to “other living expenses” and include all or some of the costs of temporary housing.
Perhaps the best reason to get a renter’s insurance policy is that they can be extremely affordable. Contact us today to see just how easy it is to protect the things you hold dear. We keep you protected.