The U.S. Census Bureau shows that more adults ages 24 to 34 are renting than ever before, but most of them do not have renters insurance.
A survey revealed that despite renting in unprecedented numbers, 56 percent of these young adult renters do not have renters insurance and 75 percent are unaware that they can get monthly coverage at a relatively low cost.
Survey respondents – more than 1,000 renters ages 23 to 35 – said it would cost an estimated $5,000 to replace their belongings in the event of a catastrophe, but 40 percent do not see renters insurance as a necessity.
The 52 percent of renters who do have renters insurance said they purchased policies to feel more protected. According to the survey, renters’ biggest fears are fire and theft. Although 24 percent of renters said they would save their laptop before anything else, 40 percent did not know that renters insurance may cover stolen property. One in three renters did not believe that party mishaps could be covered by renters insurance, which can cover accidents such as an injured party guest or a damaged laptop.
Tenants without renters insurance were significantly more likely to not know the value of all their possessions. Renters should consider creating a home inventory to track valuable possessions. Not only will this help renters realize the value of their possessions, but creating an inventory is also helpful in determining how much coverage they may need.
Many renters do not know what’s covered with renters insurance. Forty percent of renters surveyed don’t know that renters insurance may cover their stolen property.
Sixty-eight percent of all young adult renters said it would cost more than an estimated $5,000 to replace their belongings should an unfortunate event occur.
Contact E. R. Munro and Company at 1-877-376-8676 to learn more about the affordability of renters insurance.
