Two out of every three Americans who rent their home are risking all of their possessions. A recent study has just revealed that only 34 percent of American tenants currently have active renters insurance, which means that the majority of them are taking a gamble with all of their belongings should they ever experience a fire, burglary, or other peril that is typically covered by the policy. Among the most commonly cited reasons that those without coverage gave was cost. However, at the same time that tenants were saying that…
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Why Renters Insurance Is a Necessity
When you rent a place to live, it is necessary to understand that the property insurance that your property owner has, does not cover your personal assets and belongings – This is where renters insurance steps in. Therefore, it is always advisable that you take out renters insurance before moving in. As a tenant, you may find this type of insurance necessary when you are going to share spaces with other tenants, the place is a temporary housing facility, has shared bathrooms or kitchens with the owner’s family, or the…
Read MoreRenters insurance in North Carolina to increase 13.2 percent
Rates for homeowners policies will not be affected by this change. North Carolina’s Commissioner Wayne Goodwin has announced that he is stepping away from his decision for slightly decreasing rates for rental insurance and other types of coverage for properties that are not occupied by their owners, due to a court battle declared by the industry. An out of court settlement has now been reached for the case between the industry and the Insurance Department. A compromise was reached in the settlement that fell between the 2.6 percent decrease in…
Read MoreRenters insurance customers can risk losing coverage
Tenants who sublet their space may not be permitted in their policies. The growing number of people who are leasing apartments and are holding off buying homes has also increased the number of renters insurance policyholders that are risking their coverage by taking actions that are not allowed by the terms of their policies. Subletting is a common activity but is not one that is typically allowed in a policy. According to the statistics collected by a commercial real estate firm, Reis Inc., the average cost of rent in the…
Read MoreRenters insurance purchased by less than half of tenants
Though people who rent their homes are aware of the risks, less than 50 percent buy coverage. The data from the U.S. Census Bureau, in combination with a renters insurance survey performed by Allstate, has shown that only 45 percent of tenants have purchased coverage. Still, tenants have a fear that fire will destroy their possessions. Moreover, 54 percent of the survey respondents indicated that it would take a minimum of three years to replace their possessions if they should ever be lost to a fire or other disaster. Though…
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