If you have ever rented a space, whether it was an office, apartment, condo, or townhouse, you likely had to invest in renters insurance. However, a recent survey from Princeton Survey Research Associates International reported that 37% of millennials don’t have renters insurance simply because they have no idea how it works. Among all renters, only 37% have renters insurance.
A huge issue when it comes to this is that the insurance is necessary for a multitude of reasons. When they were asked to estimate the cost, 29% of millennials said they guessed it was over $1,000 per year. On average, the premium will only cost $187 per year. Read on for a few reasons you need to invest in renters insurance.
The first reason is that it protects against losses and damages of personal property. The average renter owns thousands of dollars in items, so even if you don’t think you own much, that coverage can make it easier if something were to happen. According to Investopedia, the list of things it protects against includes “damage caused by aircraft, damage caused by vehicles, explosion, falling objects, fire or lightning, riot or civil commotion, smoke, theft, vandalism or malicious mischief, volcanic eruption, weight of ice, snow or sleet, windstorm or hail, and damage from water or steam from sources including household appliances, plumbing, heating, air conditioning or fire-protective sprinkler systems.” When it protects against that much in addition to being affordable, it’s hard to argue against it.
In many cases, renters will require you to purchase this insurance, so at times it is necessary. With so many things to keep track of, like life insurance, car insurance, and health insurance, it can be hard to add something else to the list. But this insurance is so beneficial, there’s really no reason not to invest!
