Why renters also need insurance | 2021
What would you do if you lost everything you had except for the clothes on your back? For a lot of people who don’t have renters insurance, this is a real question that comes up every day. In America, only about 41% of renters have renters insurance, which is about 45 million people. Did you know that Netflix has over 50 million subscribers in the US alone? I know this number includes people who own homes, but it’s crazy to think that there are more people who buy one type of service to watch TV in our country than those who have renters insurance.
If cost is a factor, let’s look at the numbers. The average cost of this coverage varies from state to state but ranges from $100 to $200 per year, which is the same as Hulu, Netflix, and Amazon Prime. How are people willing to risk everything they own to get a video service instead? This doesn’t even mean thinking about the people who have all three.
Let’s talk about renters insurance and what all of this will do for you. Did you know that if someone hits your rental property, you could be liable for damages caused to them? Renters insurance covers it. Did you know that if you are displaced from your home but still have to pay rent, you may be stuck paying for two places to live? It covers that too. Did you know that if a fire breaks out in your apartment complex and all your belongings are destroyed, you are responsible for replacing it? I will give you two guesses but only one will count. Did you know that most companies give you a discount because there is a policy in place? Did you also know that due to how often a renter policy relates to a discount, it is often free?
How can we ask if there is a need for something that can prevent a situation that can change your whole life? For the cost of a large meal at McDonald’s, you can get hundreds of thousands of coverage. If you do not have renters insurance, the first thing you should do after reading this is to contact your agent regarding what needs to be done to put the policy in place. You will sleep easier at night knowing you made the right decision!