3 Reasons Why Renters Need Insurance
1. Coverage for theft of personal belongings
A burglary occurs every 14.6 seconds and that statistic is rising. The FBI estimated that:
- In 2010, there were 9 million property crimes, over 2 million of which were burglaries. The number of burglaries increased 1.7 percent in 2011 when compared with the 2002 estimate.
- 73.9% of all burglaries were on residential property. The favorite targets of burglars are homes.
- Of residential burglaries where a time was known, 65% were during the day
- 60.5% of burglaries are forcible entry (breaking windows, picking locks, kicking in doors, etc)
In the event renters are victims of a burglary and their personal belongings are stolen, Renters’ insurance will provide coverage to help replace the items that were lost.
2. Protection against loss of belongings to fire
Take dryer fires for instance. Dryer fires are more common than people think. The U.S. Fire Administration estimated that there are approximately 2,900 dryer fires a year that account for close to $35 million in property loss or damage. Renters’ insurance can provide protection to renters in the event a dryer fire should occur. Renters’ insurance will provide compensation for loss of personal belongings, damage to other renters’ belongings, replacement of the dryer and other damaged appliances, and any structural damage that may have occurred as a result.
3. Help with living expenses when displaced by a storm or other natural disaster
Renters who find themselves displaced after a tornado, hurricane, fire or other natural disaster may be able to seek help from their Renters’ insurance. Renters’ insurance may provide compensation that will help these individuals find temporary lodging. If relocation services are needed because the building is uninhabitable or not able to be restored, the Renters’ insurance policy may help with that, too.
Be safe out there while you enjoy Missouri !
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