Usually 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!