As U.S. rental occupancy rates continue to rise, according to the U.S. Census Bureau, a new Allstate survey found that the number one concern for renters is fire damage. The survey also revealed that 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. 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," said Keith Rutman, vice president of Allstate's Consumer Household unit. "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."
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