Renters Insurance Grows in Importance as Foreclosures Rise
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UPDATED: Mar 13, 2020
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The number of renters in America is on the rise as foreclosures continue to take out homeowners everyday.
In fact, a staggering 37.1 million housing units were occupied by renters in the second quarter, up from 34.3 million units in 2006, per Census Bureau data.
But just because you rent doesn’t mean you don’t need coverage like homeowners insurance provides.
“If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe—think again,” warned Loretta Worters, vice president with the Insurance Information Institute, in a press release.
“Your landlord may have insurance to protect the building you are living in. But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect yourself financially against disasters is to buy a renters insurance policy,” she added.
Renters insurance, also referred to as “tenants insurance,” provides three key types of protection to renters:
– Personal possessions
– Additional living expenses
A standard renters insurance policy will protect your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters, aside from flood and earthquake, which can be purchased separately.
Finally, additional living expenses will be provided if you are unable to live in your rented home or apartment while it is undergoing repairs or being rebuilt.