Locking the door behind you when you leave your home or apartment may seem like a no brainer, but according to a recent survey of 1,000 renters conducted by the Progressive Group of Insurance Companies, renters admit to leaving their doors unlocked an average of 16 times in the past year. What’s more, theft is the most common renter’s insurance claim at 45 percent and with an average claim value of $1,800, according to the experience of American Strategic Insurance, a majority-owned subsidiary of Progressive and one of the companies that writes renters insurance through the Progressive Home Advantage program.
The Progressive Renters Survey was conducted by Wakefield Research among 1,003 U.S. renters ages 18+, between July 24th and July 30th, 2015, using an email invitation and an online survey.
However, more than 3 in 5 renters (68 percent) don’t have insurance, including 72 percent of Millennials. So, why aren’t renters buying insurance? A quarter (25 percent) of survey respondents think renters insurance is too expensive, when it can actually cost less than $20 per month. Beyond price concerns, 17 percent think the chances of something happening are slim, and 13 percent think they live in a secure building.
“There is a clear need to provide renters with better information so they can make a smart choice on renter’s insurance,” said Heather Day, general manager for Progressive Home Advantage. “From knowing the value of their belongings to what’s covered, we want to raise awareness to protect renters. With policies available at less than $20 a month, insurance should be an easy ‘yes’ for most renters, but many are still uncovered.”
It’s clear that Americans value their things – maybe even a little more than their roomies. More than half of renters (62 percent) would rather live without their favorite roommate than their belongings.
Undervaluing belongings is another common mistake made by renters across the country.
There are even misconceptions when it comes to keeping those valued belongings safe. More than 1 in 5 renters (22 percent) think that if their roommate has renters insurance, it will automatically cover their belongings. In reality, unless the items are considered “shared goods” you’ll want to consider taking out separate policies.
Outside the Apartment Walls
Not surprisingly, there is a large knowledge gap in what’s covered and what’s not under a renter’s insurance policy. The majority of renters with insurance (93 percent) could not correctly identify the various scenarios a policy covers – that list included items stolen from your car when you’re not home (72 percent), costs for a hotel stay and meals away from home while any apartment damages are being repaired (72 percent) and an injury to a visitor at your place (63 percent).
Source: Progressive Insurance
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