EUGENE, Ore. — If you don’t have renters insurance, you’re not alone. The Insurance Information Institute says only 31 percent of renters in the U.S. do.
The council thinks there are two key reasons why residents aren’t capitalizing on renter’s insurance. One reason may be that most people don’t realize how cheap it is. Research finds an average premium for one year is $153, or a little less than $13 a month. Another factor may be that many renters think their landlord’s insurance is protection enough. But beware: a homeowner’s insurance only covers the building.
“We were surprised to find it to be so low, we know historically there is a low uptick in renters insurance, we think people when they find out how affordable it is, and the value and benefits, we think they’ll more seriously consider it,” said one local renter who spoke with KEZI 9 News.
The Northwest Insurance Council says if you don’t have renter’s insurance you and your personal possessions are totally unprotected from things like from fire, burglary and storm damage. Here in Oregon, renter’s insurance is not required by law and is not compulsory. However, some landlords may make it a requirement for tenants.
The group says to find out how much renter’s insurance would cost for you by asking an insurance agent or company and do an inventory on the possessions in your home.