Real Estate News: Survey: Less than half of renters have renters’ insurance

Staff Report

NORTHBROOK, Ill. — As U.S. rental occupancy rates continue to rise, according to the U.S. Census Bureau, a new Allstate survey found that the No. 1 concern for renters is fire damage.

The survey also revealed 54 percent of renters say it would take three or more years to replace everything they lost if they didn’t have insurance, yet only 45 percent of U.S renters have a renters’ insurance policy to protect their personal possessions and collectibles.

It’s important for renters to know that their landlord’s insurance most likely will not cover the tenant’s personal belongings,” said Bill McGrath, regional sales leader for Allstate’s Midwest Region. “A landlord may have coverage that can help cover the cost of structural damage to the dwelling if the unexpected happens, but renters may be faced with significant replacement costs for their furniture, clothes, electronics and other belongings. The average renter owns about $30,000 worth of possessions, and a renters’ insurance policy can help cover losses due to common perils like theft, fire and smoke, vandalism and water damage.”

A renters’ insurance policy can help reimburse you for the cost to live in a hotel or another rental unit if you are temporarily forced out of your rental dwelling as a result of repairs. Renters can opt for additional liability protection and guest medical coverage in case someone gets injured.

Additional findings from the survey include the following:

45 percent of renters in the Midwest made one or more major household purchases in the past two years.

Only 39 percent of renters in the Midwest have completed a home inventory to catalog their possessions, compared to 44 percent of homeowners across the country.

26 percent of Midwest renters use a home security system compared to 44 percent of homeowners across the country.

26 percent of Midwest renters have a coin collection, 13 percent have a shoe collection, 9 percent collect jewelry, and 9 percent collect records/music/CDs.

To help assess how much your belongings are worth and make real-world comparisons of costs to protect your stuff, renters can visit Allstate’s What’s Your Stuff Worth tool online to calculate the cost to replace clothing, electronics, kitchenware, furniture and more. Available in English at and in Spanish at, the interactive tool walks consumers through typical rooms in a home and helps count the number of items and their estimated value.

Renters’ insurance from Allstate costs an average of $15 a month, and renters can save money in total by bundling both auto and renters’ insurance with Allstate. Renters interested in learning more about their renters’ insurance options should contact their local Allstate insurance agency, call 1-800-ALLSTATE or visit

From the Aug. 1-7, 2012, issue

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