There are many renters who don’t have renter’s insurance. According to the National Multifamily Housing Council (NMHC), over 44 million households are renters. As of 2022, only 55% of these renter’s had renter’s insurance. This means that just under 20 million renters without the proper insurance could potentially lose their property if something were to happen. Renter’s insurance is inexpensive and can provide protection in the case of a loss or claim. So, why not have renter’s insurance? Here are some common reasons as to why people don’t buy renter’s insurance.
- “Renters Insurance is too expensive”
Renter’s insurance is very cost-effective and a very small price to pay in the event of having to replace all your appliances, clothes, furniture and anything else that may be in your home.
- “I am covered by my landlord’s insurance”
This is not true. Most of policies for landlords will cover two things, the structure of the building and if someone were to get injured on the property (not inside your rental unit). This leaves all of your personal belongings unprotected.
- “Renters insurance will only cover my personal property”
This is only partly true. Yes, renter’s insurance will cover your property. But it will cover more than just that. For example, your friend comes over and trips on your doormat and breaks their arm. Would you want to take on their medical bill? Your renter’s insurance won’t just cover your property now. It can also cover potential liability. Remember, even as a renter, you may have a guest over who could injure themselves in your home.
- “I don’t have enough personal property to need insurance”
You own a lot more personal property than you may realize. If you were to add up everything in your home, it would probably surprise you. If you look at all your appliances, clothes, electronics, and anything else in your home it will not take long for it to add up. Renter’s insurance will replace the things in your home and offer liability protection.
If something happened to your home, how would you replace all of the items you own? By making a small investment in renter’s insurance, you could have the satisfaction of knowing you are protected.
About Kaitlyn Bernhard
Kaitlyn Bernhard is currently a Sales Intern at Rue Insurance. She is pursuing a Marketing degree with a concentration in Sales and a minor in Biology at Appalachian State University. As an intern, Kaitlyn is gaining valuable experience in the insurance industry as she follows a career in sales.
About Melissa Cooke
Melissa Cooke joined Rue in 2022 as the Director of Sales, bringing over 20 years of management and sales experience. As Director of Sales, Melissa is responsible for the strategic direction, vision, growth and performance of the sales team. As the leader of the sales team, Melissa helps the department define and navigate the sales cycle. Melissa is also responsible for the training and developing our sales internship program at Rue Insurance.
