With so many tenants with Renters Insurance, we look further into a recent survey*, 66% of 18- to 29-year-olds rent their homes and nearly 70% of them don’t have renters insurance. Renters are a huge segment of U.S. households and the majority remain uninsured; the protection of personal property and personal liability coverage are very inexpensive!
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Some states require Renters Insurance to be a contractual obligation on the Standard Lease Agreement published by the Department of Real Estate; however, in all other states, landlords do not impose the requirement for Renters Insurance other than stipulating that the Landlord is not responsible for damage to the tenant’s personal property and it is up to the tenant to buy their own insurance.
As we see that such a large percentage of tenants in the United States are not insured, we question their value to property and risk of liability. Renters Insurance is extremely affordable and could be extremely helpful in the event of a calamity.
*Princeton Survey Research Associates International, 2021