Renters at Risk

A survey done by Trusted Choice reveals that “Almost 25 million U.S. families renting their homes are going bare on insurance coverage, leaving themselves vulnerable to serious property and liability losses.”

Renters insurance replaces furnishings and property in an apartment, condominium or other rental home should those items be stolen, destroyed or damaged. The policy also includes liability coverage, a safety net against a lawsuit or claim that potentially could result in a large financial hit on renters.

“Insurance protection isn’t a ‘nice-to-have’ for renters,” Flannagan said. “It’s an essential backup for property losses – such as water and fire damage – as well as today’s liability risks faced by Americans: slips and falls, accidents at parties, pet attacks, and lawsuits by landlords, for example.”

The survey found:

• 2/3 of U.S. families that rent lack coverage
• Of those without coverage 26% feel the coverage is too expensive, 17% didn’t know they needed it, 8% never heard of renters’ insurance
• 89% own valuable electronic devices, exercise, and sports equipment