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7/19/2012 - Many renters living without coverage

Many renters do not have property insurance coverage.

While rental vacancies in the U.S. are few and far between, a new survey suggests that the people who occupy these filled units rarely obtain renters insurance.

The poll, which was conducted by FTI Consulting, revealed that just 45% of renters in the country today have a renters insurance policy that would provide them with the coverage they would need to replace their personal possessions and belongings.

Consumer advocate and insurance expert Keith Rutman said that many of today's renters often assume incorrectly that their landlord's insurance policy will be sufficient should they encounter an issue where a policy would come in handy.

"A landlord may have coverage that can help cover the cost of structural damage to the dwelling if the unexpected happens, but renters may be faced with significant replacement costs for their furniture, clothes, electronics and other belongings," said Rutman. "The average renter owns about $30,000 worth of possessions, and a renters insurance policy can help cover losses due to common perils like theft, fire and smoke, vandalism and water damage."

According to a separate survey recently conducted by the U.S. Census Bureau, 54% of renters say it would take them at least three years to replace all of their lost belongings if they didn't have coverage.

To learn more about renters insurance from Selective, click here.

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