SAN FRANCISCO, March 11, 2013 /PRNewswire/ -- Only 34% of Americans who rent their homes or apartments have renter's insurance, according to a new survey released today by InsuranceQuotes.com, a Bankrate (NYSE: RATE) company.
InsuranceQuotes.com also found that 60% of Americans incorrectly pegged the annual cost of renter's insurance at $250 per year or more. Twenty-one percent thought renter's insurance cost a whopping $1,000 per year or more. The correct answer (according to the National Association of Insurance Commissioners) is $185 per year.
"Renter's insurance is a lot more affordable than most people think," said Laura Adams, senior insurance analyst, InsuranceQuotes.com. "Most renters don't realize that their landlord's insurance usually only covers the structure and not the renter's belongings. And even in a safe area, renters can fall victim to theft, fire, water damage or another calamity. Fifteen dollars a month is a small price to pay in order to protect your possessions and liability in a lawsuit."
The InsuranceQuotes.com survey found that the most common reasons for lacking renter's insurance are "my apartment or rental home has good security" (cited as an important reason by 57% of those who lack renter's insurance), "renter's insurance is too expensive" (52%) and "my landlord has insurance" (48%).InsuranceQuotes.com also found that only 28% of those who have renter's insurance received the recommended three or more policy quotes before purchasing. Consumers can compare quotes for renter's insurance and other types of insurance policies at www.InsuranceQuotes.com. The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: http://www.insurancequotes.com/insurance-for-renters PSRAI obtained telephone interviews with a nationally representative sample of 1,004 adults living in the continental United States. Telephone interviews were conducted by landline (500) and cell phone (504, including 254 without a landline phone). Interviews were done in English by Princeton Data Source from February 7-10, 2013. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage points. About InsuranceQuotes.com: InsuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.