The number of people renting homes instead of buying continues to rise, especially in urban areas. And it just so happens those are the same areas that are the most disaster-prone, according to the Insurance Information Institute, which says only 37% of renters have insurance on their belongings.
The insurance group is quoting a 2014 poll, which found that only 37% of renters have renters insurance, compared to 95% of homeowners who have a homeowners policy.
“Renters insurance provides a very important financial safety net when there is a disaster,” Renters insurance is relatively inexpensive — the average cost of a renter’s policy is only $187 per year, or less than four dollars per week.
Homeownership has fallen for over the past decade. And, in major cities renters outnumber homeowners. These cities are also at risk from natural disasters such as hurricanes, flooding, earthquakes and severe winter weather, as well as fire, theft and vandalism.
Many renters are under the misperception that their landlord’s insurance policy will reimburse them if their personal property is damaged or destroyed, but that’s just not the case.
If you are renting apartment in West Columbia, SC consider buying renter’s insurance.