It’s estimated that only about one-third of renters purchase renters insurance. Many renters don’t realize that they are responsible for purchasing their own insurance to protect themselves and their belongings. Here are the facts: Your landlord’s policy won’t cover your belongings in the event of calamities such as theft, flood or fire. A renters insurance policy also provides liability protection in the event someone is injured on a property while you’re renting it.
Aside from not knowing they need it, many renters forgo this important coverage because they think it’s too costly. But did you know that renters insurance is actually fairly inexpensive? The average premium for renters insurance is $187 per year compared with an average premium of $978 for homeowners insurance.
The bottom line: Renters insurance is an affordable way to protect you and your family while you are leasing a home, condominium, town home or apartment.