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Between 30% and 40% of renters in the U.S. purchase renters insurance, according to the Insurance Information Institute.
That purchase makes good sense for a number of reasons. Among them:
- Rental property owners are not responsible for damage or theft that happens inside the rented resident; and
- In the wake of a covered loss such as a fire or natural catastrophe, any property insurance that is secured by a rental owner will not cover the renters' personal possessions.
Renters insurance also can be a very good deal, especially when compared to other personal insurance products such as car insurance, homeowners' insurance or even wedding insurance.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
