Because of the many misconceptions about renters' insurance, agents have an opportunity to educate clients about its benefits. Insurance professionals have provided the following tips for talking about the benefits of renters' insurance with clients:

A secondary risk of not having renters' insurance is not knowing how much your belongings are worth. Tenants without renter's insurance were significantly more likely to not know the value of all their possessions. Renters should consider creating a home inventory to track valuable possessions. Not only will this help renters realize the value of their possessions, but creating an inventory is also helpful in determining how much coverage they may need.
According to Nationwide's survey, many renters do not know what's covered with renters' insurance. In fact, 40% of renters surveyed don't know that renters insurance may cover their stolen property. Explain what perils are covered and not covered by a renters' insurance policy.
The survey revealed that renters who currently have insurance purchased coverage because they want to feel protected. Explain other benefits a policy provides, such as paying for living expenses should a disaster prevents a renter from living in their apartment.
There are misconceptions about how much renters' insurance costs, and what it actually covers. Work with renters to determine if they are eligible for any policy discounts.
According to the Nationwide survey, 68% of all young adult renters said it would cost most more than an estimated $5,000 to replace their belongings should an unfortunate event occur. Provide options for additional coverage that a customer may need, including an umbrella liability policy or an additional endorsement to cover items like jewelry, sporting equipment or collectables that are not covered by a traditional renters' insurance policy.

Special Reports /

Most Young Renters Uninsured: Nationwide Survey

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