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Do You Have Rental Insurance?

Do You Have Rental Insurance?

Do You Have Rental Insurance?
News from LifeGoesStrong:

When I was first married and living in New York City, my husband and I did what many New Yorkers did—we rented our home. Eventually, we moved to the suburbs, bought a house, and raised our family.

Now that we’re staring down an empty nest and our retirement years, our thoughts have returned to returning to New York City. While I’m sure we will be better off financially than when we first started out, chances are we will go back to being renters. One difference this time: we will have rental insurance, something we either couldn’t afford or didn’t think we needed.

According to an Insurance Information Institute ( I.I.I.) survey, while the majority of American homeowners have insurance, only 31 percent of renters buy renters insurance. This is a scary stat for those living in big cities, where renting is the norm. Consider these U.S. Census Bureau stats:

  • New York City—69% rent
  • Los Angeles—62% rent
  • Chicago—55% rent
  • Houston—55% rent

“Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment,” says Jeanne M. Salvatore, the I.I.I. senior vice president for public affairs. “While your landlord may be sympathetic if you experience a burglary or a fire, your possessions are not covered by…………… continues on LifeGoesStrong

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