Nearly a quarter of apartment seekers surveyed are under the assumption that renters insurance is too rich for their blood, yet the average premium is under $200 a year, according to the National Association of Insurance Commissioners. The majority of Apartments.com survey respondents who choose to protect themselves with renters insurance said they pay on average $12.50 a month or less and one out of 10 renters said they have had to use their insurance at one time or another.
The two most common components of renters insurance include protection against theft and destruction to personal belongings, including televisions and computers, and liability, which defends renters from judgments that go against them in the event that someone is injured on their property. While a large percentage of apartment dwellers are not carrying renters insurance, 33 percent of survey respondents said they are covered and list the most compelling reasons for purchasing renters insurance as protection against:
Theft (79%)
Fire/Lightning (70.7%)
Water Damage (52.3%)
Weather (e.g. Hail, Windstorm) (40.5%)
Smoke Damage (40.6%)
About Apartments.com
Apartments.com (www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing more than three million rental units from managed properties, newspaper classifieds and for-rent-by-owner properties.