A generation ago, renting was viewed largely as a temporary living situation on the road to home ownership. However, thanks to various economic and lifestyle factors, people in their 20s and 30s are now waiting longer to buy a home. Some are foregoing it altogether. In general, one of the advantages of renting is that it comes with less personal responsibility than owning a home. If something needs to be fixed, your landlord takes care of it for you. However, that doesn’t mean they’re responsible for looking after your possessions. That job falls on you. This is where renters’ insurance comes in handy.
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Unfortunately, most people who rent either don’t care about having insurance or don’t think to even get it. In fact, only 37 percent of renters actually buy renters’ insurance. That’s compared to 97 percent of homeowners who have their homes insured. Look, we get it. Rent prices are already out of control in most major cities. The idea of taking on an additional living cost may seem like an unnecessary burden. However, even though renters’ insurance isn’t required by law, it’s definitely worth the money.