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Renters Need Protection

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The recent rough economy, stagnant real estate market, and foreclosures across the U.S. have led to millions of Americans deciding to rent rather than buy their homes. In most cases, landlords provide insurance for the structure only, inserting clauses into leases reminding tenants that they are responsible for insuring their personal property and personal liability.

Yet, according to a 2012 poll by the Insurance Information Institute, only 31% of renters have a renters insurance policy. In contrast, 96% of homeowners have a homeowners insurance policy. This under-purchased insurance is not over-priced: According to the institute, in 2009 the average renters policy cost less than $16 a month.

You do not need to be a homeowner to have property worth protecting. Renters are particularly vulnerable to theft; statistics routinely show more break-ins occur in rented properties than owned ones.

And don’t overlook liability exposures. Many renters still occupy a single-family home, with all the resulting liability risks of a homeowner. Also, apartment dwellers pursue the same activities (boating, golf, sports, etc.) that risk harm to others, have pets that may bite or scratch, and have guests who may slip or fall.

If you are a renter, talk with your insurance advisor about proper insurance protection for your personal property and liability exposures.

©2013 Selective Ins. Group, Inc. (Branchville, NJ). "Selective" insurers include Selective Ins. Co. of America, Selective Ins. Co. of New England, Selective Ins. Co. of N.Y., Selective Ins. Co. of South Carolina, Selective Ins. Co. of the Southeast, Selective Way Ins. Co., Selective Cas. Ins. Co, Selective Fire and Cas. Ins. Co and Selective Auto Ins. Co. of N.J. Insurers and products available vary by jurisdiction.