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Renters insurance protects a tenant from liability claims and property damage emanating from perils such as theft, vandalism, fire, and some natural disasters. Despite this, only about 40% of tenants in the U.S. have this coverage. While some are just oblivious of their insurance needs, others have intentionally foregone renter’s insurance coverage due to the misconceptions they hold about it.
Most renters are people who cannot afford a home and all the monthly costs that go with it. In the quest to live a low-cost lifestyle, renters often overlook the financial benefits of having a renters insurance policy. A growing number of landlords require that their tenants carry a specified amount of renters insurance to lower their risks. What Renters
Data from the National Association of Insurance Commissioners (NAIC) shows that the cost of renters insurance in the U.S. currently ranges between $15 and $30 per month, depending on factors such as the size of the rental unit and its location. However, despite its relatively low cost, only about 44% of American tenants carry renters insurance. This is unfortunate because