{"id":2859,"date":"2019-03-13T12:47:13","date_gmt":"2019-03-13T19:47:13","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=2859"},"modified":"2019-03-14T11:14:31","modified_gmt":"2019-03-14T18:14:31","slug":"what-your-tenants-dont-know-the-true-cost-of-renters-insurance","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/what-your-tenants-dont-know-the-true-cost-of-renters-insurance\/","title":{"rendered":"What Your Tenants Don’t Know – The True Cost of Renters Insurance"},"content":{"rendered":"

\"renters<\/p>\n

Despite the relatively low cost of renters insurance, \u00a0research shows that more than half of America\u2019s renting population does not carry renters insurance. \u00a0Renters insurance can cover the cost for things like fixing damaged property from an overflowing bathtub, replacing a stolen TV\u00a0or medical expenses if a guest hurts himself while in a renter\u2019s home.<\/p>\n

These findings are the result of a \u00a0<\/b>January 2015 survey for InsuranceQuotes<\/a> that sought to reveal the reasons why American\u2019s don\u2019t have renter\u2019s insurance. \u00a0Researchers at Princeton Survey Research Associates International found that misconceptions about cost, coverage, and responsibility are the top reasons for not getting a policy.<\/p>\n

\"Source:<\/a>

Source: insuranceQuotes.com<\/p><\/div>\n

The survey examined coverage behavior within different age demographics and found that renters between the ages of 50-64 years were the least likely group to have renters insurance (64% uninsured), followed by renters aged 30-49 (62%) and 18-29 years old(57%). \u00a0Renters over 65 are the mostly likely group to have renter\u2019s insurance but even then, less than half actually have coverage.<\/p>\n

Why Don’t Renters Have Renters Insurance?<\/h3>\n

According to the survey, renters do not think they need insurance because they assume their landlord\u2019s insurance will cover the cost of stolen or damaged property and belongings. \u00a0What these renters fail to understand, is that a landlord\u2019s policy typically only covers<\/a> the structure and property owned by the landlord and not the tenant.<\/p>\n

Another reason renters forgo insurance is due to thinking it costs more than it does. \u00a045% of survey respondents claimed they did not\u00a0have renters insurance because it was too expensive. \u00a0\u00a0And 29 percent of renters aged 18-29 assumed that renters insurance costs more than $1,000 a year. \u00a0In reality, with policies available between $10-$15<\/a>, renters can expect to pay less than $200 a year.<\/p>\n

The study asked respondents to answer questions about why they did not\u00a0have renters insurance. \u00a0Common reasons cited include:<\/p>\n