You wouldn’t think there would be a seasonal factor regarding the need for Renters Insurance, but there is. According to the US Fire Administration, there is an increased risk of fire during the winter months that impacts homeowners and renters alike. That makes perfect sense, but the risk has increased along with the cost of heating homes because more people are using wood burning stoves and space heaters to lower their heating bill. These appliances carry an even greater fire hazard than the standard furnace does. But there are additional reasons why this increased risk of fire may impact renters more than homeowners.
Despite all sorts of information campaigns over the years, a surprising number of people who rent houses and apartments still believe that the landlord’s building policy will cover their contents in the event of a fire. That is simply not the case. If the contents are to be protected, it is up to the renter to do so.
The other reason that many renters don’t carry insurance is because they assume that it is unaffordable or that they just don’t need it. Taking the second item first, when you add up the TV, audio gear, sporting goods, furniture, kitchen appliances, dishes and clothing, it can amount to a surprisingly large number, one that most renters would find daunting. And, while rates can vary depending on where the rental is located and the type of construction, insuring $35,000 worth of contents can cost as little as $10 to $15 per month.
So if you have a friend or relative who is renting, pass this information along to them. And if you are a renter yourself, call an insurance agent today and get a quote. You may be surprised how inexpensive it is to protect yourself from a disaster.
