Couldn’t agree with this more: Everyone who rents needs renters’ insurance

With people moving out of their mortgaged homes and into rentals, it is important to remember that you aren’t insured when you move into a rental. For a relatively low cost, however, you could protect all your possessions and give you and your family a little piece of mind when it comes to leaving your apartment (or whatever rental you happen to have).

According to a study performed by Allstate Insurance (yep, an insurance company doing a study about insurance so I’m not so sure how unbiased or accurate it truly is) said that two out of three college age adults do not have renters’ insurance, or any insurance protection for their belongings. This figure is so important because the same age people say that they have belongings worth more than $10,000. With belongings that cost that much, they also said that if something were to happen to their things, they would be able to replace them or at least some of them.

One of the Vice Presidents at Allstate Julie Parsons said, “It’s a shame because renters insurance is one of the smartest investments people in this situation can make and so few take advantage of it.”

Of course renters should have the insurance because the Bureau of Justice Statistics has reported that those who rent are 50% more likely to have break-ins or experience some kind of theft in their rentals than those who own their own homes.

Getting a quote on insurance is as easy as getting a car insurance quote these days. Once when I looked into renters’ insurance a few years ago, I would have had to go to the insurance agent or actually call them to get a quote. I didn’t especially feel like being hassled by the agent to get the insurance policy (and I’ll tackle this subject in another post), so I never got the insurance (then again, I had NO WHERE near $10,000 in belongings).

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