Common Reasons People Don't Buy Renters Insurance | Strawn & Co (2024)

Many renters feel that since they don’t own the property the live in, there is no need for insurance. Surveys have revealed that over half of those who rent a house, apartment or condo have not bought renters insurance. Let’s look at some of the common reasons people don’t buy renters insurance.Common Reasons People Don't Buy Renters Insurance | Strawn & Co (1)

Some Feel That Renters Insurance is Too Expensive

You can probably purchase $30,000 in renters insurance for under $20 per month. It’s a very small expense when you think about having to replace all of your furniture, appliances, electronics, clothes and every other item within your unit.

College Students Think Their Property is Covered Under Their Parents’ Home Policy

Under certain circ*mstances this may be true. If you are a full-time student and live in a college dorm, your personal items are probably covered under your parents’ home insurance. However, if you should decide to move off-campus or change your enrollment to part-time, you will need to buy a renters policy to cover your personal possessions.

Some Renters Feel Their Property is Insured by the Landlord

Your landlord may have property insurance to protect the building structure and common areas, but this insurance offers no protection for your furniture and other belongings inside your rented property.

Some Feel They Don’t Have Enough Property to Insure

If you take an inventory of everything you own inside your home, you will probably be very surprised. Most people own more personal property than they think. It really doesn’t take a lot of property to amount to $20,000 or more. A renters insurance policy will not only replace things, but it also offers liability protection.

Even though you rent your home, you probably own all the expensive stuff inside. If your house, condo or apartment were totally destroyed by fire, who would replace everything you own? By making a small investment in renters insurance, you have the peace of mind in knowing that you are protected from a potential loss.

Get your coverage today. Call Strawn and 770-957-9005 for more information on McDonough renters insurance.

Common Reasons People Don't Buy Renters Insurance | Strawn & Co (2024)


Common Reasons People Don't Buy Renters Insurance | Strawn & Co? ›

Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums.

What is the main reason someone would want to have renters insurance? ›

Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums.

Why would I be denied renters insurance? ›

Rental insurance companies can deny applications if they feel the applicant or the property is too risky to insure. Just because one insurance company denies a renter doesn't mean that others will.

What is the main reason someone would want to have and need to have renters insurance Quizlet? ›

Renter's insurance covers your personal property. What is the purpose of liability coverage on a renter's insurance policy? It covers unintended damage and accidents in the rental.

Why is failing to get renters insurance important? ›

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

What are the 3 things renters insurance provides you with and what purpose does each of them have? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

Is it worth having renters insurance? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

Why is my renters insurance so high? ›

Large claim amounts and liability claims are the most likely to raise your renters insurance rates. Insurers may also charge you more for insurance if you have a poor credit score. Insurers have found that renters with lower credit scores tend to file claims more often than those with higher credit scores.

Is a lapse in renters insurance bad? ›

The risks of a renters insurance lapse

The biggest risks of letting your renters insurance lapse are potentially large out-of-pocket expenses if your belongings are damaged or stolen while you are uninsured, but there are other risks to consider.

Who is most likely to purchase renters insurance? ›

Expert-Verified Answer

A tenant is most likely to purchase renter's insurance to protect their personal belongings and liability.

What are two examples when renters insurance would not cover the event? ›

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.

What is the main reason someone would want to have and need to have renters insurance brainly? ›

Final answer:

Renters insurance is important because it covers personal property, liability, and additional living expenses not covered by the building owner's insurance.

How many people don't have renters insurance? ›

55 percent of U.S. renters, or 61 million people, currently have renter's insurance policies. This number could rise to more than 65 million within the next year. 75 percent of insured renters are required by their landlords to obtain renter's coverage.

What are the cons of renters insurance? ›

One of the main cons of getting renters insurance is that it can be an added expense for tenants who are already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.

What does renters insurance actually cover? ›

Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property. If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.

Why should you purchase renters insurance Quizlet? ›

Liability Coverage

Renters Insurance covers hazards within the Renters property or as a result of their actions or the actions of their pets on the rented property.

How does renters insurance protect your personal belongings? ›

This coverage typically protects items stolen after a break-in at your rental property, or even items stolen outside of your rental. For example, if your personal property (such as a gaming system) is stolen from your car, the personal property coverage in your renters policy may help pay to replace it.

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