More than half of all renters do not carry renters insurance to protect their possessions from loss, damage, and theft. The Insurance Information Institute estimates from a recent poll that only 43% of renters carry renters insurance. That is because many renters are uninformed about this critical piece of insurance protection, and those that do know about it offer several excuses as to why they do not have the insurance. But, most of it comes down to not understanding it, what is covered, and why they are not covered by the actual homeowner’s insurance policy. If you do not own the home you and your family are living in, then you need to have renters insurance to protect your possessions from loss and you from liability.

Every renter needs to purchase renters insurance. The amount of protection that it offers allows renters to insure their possessions. For as little as $20 per month, renters can purchase insurance to cover their possessions from events like fire, theft, vandalism, smoke, storms, or other calamities. Renters insurance is technically called Homeowners Form 4. When homeowners purchase home insurance, they insure not only the building but the contents as well. For renters, there is only a need to insure your contents and personal possessions. You do not have to insure the building. The actual building is still insured by the home or apartment complex owners. One of the best features of home insurance is that it covers a homeowner from liability issues and protects them from being sued for negligence or wrongdoing. Renters insurance provides renters with the same liability protection.

Renters insurance provides excellent coverage for almost all of the items in your home for a low premium. The insurance also provides renters with the flexibility to adjust the insurance policy to fit their needs, increase their coverage, or protect some items more than others. Renters insurance typically costs an average of less than $240 per year for its premiums. Renters insurance premiums also vary by state, the amount of coverage you need, the deductible you select, and the specific insurance company that you select to conduct business with. But, renters insurance provides those who do not own their home with an excellent source of coverage and protection for a very small price.

Renters insurance is one of the cheapest and most important types of property insurance that a person can and should buy. Renters insurance gives renters protection no matter what type of structure you are renting whether it is a house, apartment, condominium, or other type of building. Renters insurance gives people an excellent amount of property insurance coverage and liability coverage for a very small amount of money.