According to a recent Nationwide Insurance study, 56 percent of millennials (adults ages 23-35) do not have renters insurance, despite more renters in this age group than ever before.
Nationwide surveyed over 1,000 renters and found that three-quarters of them were unaware that the coverage was quite affordable. Forty percent do not believe the coverage was a necessity, despite owning thousands of dollars’ worth of property.
The study raises the question: If you don’t have it, what are you waiting for?
Renters insurance covers your possessions against damage from things such as fire, smoke, lightning, vandalism, theft and water (but not flooding)—to name but a few, and it's important to know it does not come with general liability insurance. It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.
In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others (for more regional specific information on renters insurance, click here: Chicago Illinois Renters' Insurance). That means you will likely be protected if a friend slips and sprains his or her ankle when you host a party.
Policy buyers often struggle to determine how much their stuff is actually worth. The best way to determine value is to conduct a thorough inventory of everything you own. For valuables such as jewelry or collectibles, an endorsement to the policy can be added. That means if your wedding ring gets destroyed by the garbage disposal, you will be covered.
And best of all, because renters insurance covers only the value of your belongings and not the building you live in, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishap and ultimately minimize loss control and risk management problems.
Contact Zeiler Insurance Services, Inc. today to find out how to protect your valuables.
If you have questions or concerns on this issue, do not hesitate to call Zeiler Insurance and speak to one of our customer service representatives. As an independent agency, Zeiler Insurance prides itself with quality customer service for the people of the Chicago-land area and the rest of the Midwest. Customer or not, we can review your insurance and see if you are being protected appropriately for the right price.