There are millions of renters in the United States. In fact, according to The Insurance Information Institute, there were over 12 million renter’s insurance policies in force in 2022. Renters have special and unique needs, and we understand that. It is also important to know the trends in renter’s insurance.
Renter’s Insurance Trends
- There are more insurers entering the renter’s insurance market. This is good and will allow for completion and lower rates.
- Competition also will bring better coverage and services from the carriers.
- A Renter’s policy need to be written so that it is mobile and you can take it with you if you ever move.
- Many people are buying more high-end luxury items (e.g., big-screen TVs, iPads, etc.) and Renter’s insurance can insure these.
- Renter’s insurance can protect your personal liability for injury to others while in your apartment.
- More property-management companies are requiring their renters to carry liability insurance and are also starting to track whether renters are (or are not) carrying this coverage.
- Always have replacement cost insurance on all your personal property.
- By purchasing renter’s insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage.