With moving season in high gear, many renters reportedly need a reminder that their stuff isn’t any less valuable because they rent.
Once the last box is unpacked and everything has a place in the new home, it’s time to think about renter’s insurance, a safety net that helps protect a person’s covered possessions in the event that misfortune occurs.
With nearly two-thirds of renters lacking renters insurance, according to a 2003 poll conducted by the Independent Insurance Agents & Brokers of America, too many people are at risk for a major loss.
There are more than 35 million rental units in this country, according to the U.S. Census Bureau, and about 22 million of them are not insured.
“Many individuals are unaware that renters insurance can be critical in helping to protect their belongings in the event of a burglary, fire, or other covered event that can damage or destroy the contents of their residence,” said Jeffrey Deigl, assistant vice president of specialty product lines, Allstate Insurance Company. “We see people all the time who don’t realize how important it is to have renters insurance until after they’ve suffered damage to or loss of their personal property.”
Misinformation about renters insurance reportedly exists among many Americans, who may not realize that the coverages are fairly inexpensive and that the contents of their rented homes and apartments are not covered under the landlord’s insurance policy.
“Educating renters about the need for insuring their belongings is critical, as many individuals aren’t aware of the need for renters insurance until they suffer a loss,” said Eric Remer, CEO of The Conclave Group LLC, a marketing service company that has developed a proprietary distribution network designed to connect national retailers and service providers with the hard to reach apartment renter community. “We’re pleased to work with Allstate to increase the awareness of renters insurance among our customers.”
The facts on rental insurance
It’s inexpensive: Renters insurance costs on average, about 50 cents a day, but may vary by state. Premium based on rounded national average. Actual premium will vary based on amount of insurance purchased and other factors. Insurance is subject to availability, qualifications, and policy terms.
The risk is real: Renters insurance helps provide protection for many personal belongings if they are stolen or destroyed by fire or other covered losses.
Personal possessions are expensive: People are often surprised when they add up the value of personal possessions such as televisions, stereo equipment, CDs, clothing, linens and other important valuables. Many people find they can’t afford to replace or repair their possessions without assistance. Others find that even though their possessions are dated, the cost to replace them would be unaffordable if they experienced a loss.
Protects an individual’s financial future: Renters insurance can help provide protection up to policy limits if an individual becomes legally obligated to pay for covered accidental bodily injury or property damage to others.
Most renters insurance policies include personal property protection in the event of a covered loss, theft coverage, family liability and guest medical protection up to policy limits. Additional coverages including tailored plans to cover jewelry, furs and expensive electronic equipment are available. In most states, Allstate also offers a multi-line discount on renter’s insurance to people who already have an auto insurance policy with the company.
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