Renters Need Insurance Too

According to USAA Insurance Co., approximately 30% of the people who rent a home or apartment carry no renters insurance. This alarming statistic is partially due to misperceptions regarding renters insurance.

Many people underestimate the value of their belongings. "Personal property" doesn't just include the expensive things like stereos, TV's, computers and furniture. You can spend a small fortune on clothes, towels, linens, CD's, and kitchen items. Some apartment dwellers assume their landlord is responsible for damage or loss, however very few provide this type of protection.

The only way to be sure you will be able to replace your possessions is to purchase a renters policy and any additional coverages you may need. Many renters policies are very reasonable and also provide some liability and medical coverage in the policy.

Source: Renters myths revealed. (1999, Fall). USAA Associations, 13(2).