Do I need renters insurance?

     Whether you’re living in a college apartment, renting a high-rise in Center City, or renting a house, having renters insurance is arguably one of the most valuable and relatively inexpensive ways to protect you and/or your family when things go wrong. If you have the mindset of “nothing could every really go that wrong,” then you might need to think twice. While it may seem like fires are rare and a thing of the past, Philadelphia area fires are reported all of the time on the news. I know someone who recently just lost everything from one. Luckily, she had renters insurance.

     A recent Progressive Renters Survey uncovered a few myths that are preventing people from buying renters insurance. Here are the myths and the percentages of respondents who believed in them, and the actual facts behind them:

            -“Nothing will ever happen to me” – 17% à This naïve way of thinking is a poor choice. Things happen without warning to anyone at any time, so it’s important to be prepared.

            -“I live in a safe building, I don’t need to lock my door” – 13% à Progressive also reported there was an average of 16 times renters left their apartments unlocked. Meanwhile, theft was the most common renters insurance claim. Locking your door is probably the easiest first-step preventative method to take.

            -“Renters insurance is too expensive” – 25%  àAccording to the American Strategic Insurance, this coverage can cost less than $20 per month.

            -“I’m covered by my roommates insurance” – 22% à This isn’t necessarily true unless an item is considered a “shared good.” It’s important to have a separate policy for your liability protection and to protect your items.

     Also according to the survey, only three in five of U.S. renters don’t carry this coverage. Of this percentage, 72% include millennials. In case of an emergency, a little can go a long way.