Renter's Insurance. What is it and Why You Need It?

Updated: Jul 10, 2020

In today's economy its not surprising that more people are renting. In 2017 there were over 83 million people living in rental properties. An article posted on ipropertymanagement lists 16 cities in the United States where the majority of people were renters. Stockton, Santa Ana, Anaheim and San Bernardino were all on this list.

I know what you're thinking- millennials. Sure millennials have a huge impact on just about all of this country's financial trends but nearly 40% of all renters or over age 45.

A survey conducted by Assurant revealed that security is one of the most important factors renters consider before moving into a rental property. Of those polled, nearly half stated that a locked door is the only safety precaution they use to protect their personal belongings when they're away and over 1/3 of those polled admitted to depending on neighbors.

There seems to be a lot of misconceptions about renters insurance. Some renters, (of all ages), overestimate the cost by five times it's actual amount.

Here are some other common misconceptions:

- Landlords are responsible for renter's personal property in the event of theft

- Renters insurance is expensive