Renters Insurance -- Who Needs It?
According to industry statistics only 29 percent of renters have renter's insurance. People often mistakenly believe they are covered by the landlords policy. Landlords have insurance, but only for their property, not yours. If the water pipes burst in your apartment, the landlord will fix any damage done to the building, but will not cover damage to any of your personal items. Another reason renter's often opt not to get renter's insurance is because they buy into the myth that they don't have anything worth insuring. This is almost always not true. The average person has over $20,000 worth of stuff. Think of the value of the most basic of items such as your clothing and food. If all were a total loss, how much would it cost you to replenish your cabinets and replace your wardrobe? Most people also have valuable items such as electronics, furniture and books.
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