Renters Insurance – Not just for young adults

insuranceUsually when I talk about the importance of renters insurance, I’m thinking of young adults – college students, those just getting started in life.  Young adults may not be aware renters insurance even exists.  However, people of all ages may need a reminder that renter’s insurance is important!

Even though 96% of homeowners have homeowners insurance, only 37% of renters have renters insurance, according to a 2013 poll by the Insurance Information Institute.  That’s frightening, when you think about it. If any of those households was hit with a fire or tornado, they could be financially devastated.

Yet, as I was recently reminded, even people who have had homeowners insurance for years might forget to immediately obtain renters insurance when they make a change.  Perhaps they’re downsizing from a house to an apartment.  Or they may be in transition – moving to a new city and testing it out before deciding whether to purchase a home.

You definitely do not want to be “between” insurance plans when disaster strikes.  If you know someone who may be making a housing transition, remind them to obtain renters insurance coverage without delay!

~Barb

Barb Wollan

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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