4 Things Renters Should Know About Renters Insurance
For homeowners, having a homeowners insurance policy isn’t mandatory, per se, although lenders typically require that they get one if there is a mortgage on the property. That hasn’t scared homeowners away from getting a policy. Last year, 95 percent of homeowners in the country had homeowners insurance, according to a 2015 poll conducted by the Insurance Information Institute (III).
But for those who rent a home (or apartment), having renters insurance wasn’t nearly as prevalent—only 40 percent of renters said they had the coverage, according to the III.
There are misconceptions about renters insurance. Renters may not think they have a sufficient number of possessions to justify getting insurance. They may think that their landlord will cover damages. They may fear that the policy itself is too expensive.