Report: Most renters aren't insured

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Report: Most renters aren't insured

July 28, 2010 - A new report showed that many people who are moving into a new apartment aren't protecting their belongings with insurance.

About 67 percent of the 1,400 tenants that were surveyed by Apartments.com said that they did not have renters insurance. Almost a quarter of those respondents said that the cost of the coverage was too much for them to afford, while the next largest portion of respondents said that they didn't even know such insurance existed.

Others assumed that none of their possessions were worth protecting and reasoned that nothing was likely to happen to them anyway, which could be a costly assumption. According to the Bureau of Justice, renters are 50 percent more likely to experience theft than homeowners, said Apartments.com.

Of the respondents who did buy the insurance, most said that they pay as little as $12.50 per month for the insurance (coverage), most hoping to protect themselves against loss from theft or fire.

Insuring one's belongings is an important step when living at a new home and during the moving process. Moving insurance covers belongings while they are being transported to the new home.

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