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4/16/2013 - Renters seldom obtain insurance, new poll shows

A reports shows few renters actually secure renters insurance.

A new poll points to the infrequency with which apartment and condominium dwellers obtain renters insurance.

According to a recently released poll conducted by Princeton Survey Research Associates International, less than one-third of all renters have renters insurance.

One of the main reasons for this appears to be due to the notion that it's expensive. For example, the poll found that six in 10 respondents thought the average cost for coverage was far more than what it is in actuality. According to the National Association of Insurance Commissioners, the typical policy is no more than $185 per year, or the equivalent of approximately $15 per month.

"Renter's insurance is a lot more affordable than most people think," said insurance expert Laura Adams, senior analyst for the quote comparison website that commissioned the poll. "Most renters don't realize that their landlord's insurance usually only covers the structure and not the renter's belongings."

Another justification respondents gave for not having a policy in place included the apartment or rental home having high quality security.

As noted by the Insurance Information Institute, there are generally two types of renters insurance - actual cash value and replacement cost. The former provides policyholders with the funds needed to replace their belongings should they be destroyed or stolen up to the limit of the policy, taking into account if the items depreciated in value. The latter pays for replacing the belongings based on what was spent when it was first purchased, paying no mind to whether or not it's less valuable.

To learn more, speak to one of Selective's independent agents to decide which policy is best for you.

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