Renter’s Insurance: Educating Residents about the Realities via Property Management Insider

Natural disasters have a way of shining a light on the necessity and value of renter’s insurance. Over the past three years, the east coast alone was hit with two hurricanes and a series of as powerful winter storms. And yet, it is surprising to learn that the majority of renters are probably not carrying a current renter’s insurance policy or have one at all.

A 2012 Insurance Information Institute (III) poll conducted by ORC International found that only 31 percent of renters had renters insurance. That’s a surprising number when compared to the findings from the National Multi Housing Council’s 2012 Apartment Cost Risk Survey that states 84 percent of apartment companies say they require residents to buy renter’s insurance. (Fifty-five leading apartment companies that among them operate more than a million apartment units responded to the 2012 survey.)

Unfortunately, that mandate is not widespread. Of the respondents that said they require renter’s insurance, 40 percent do not require it at all of their properties.

Why is that? What is causing renter’s to pass on such a valuable way to protect not only their belongings but their bank accounts?

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