Most U.S. renters don’t carry insurance: Allstate survey

Fifty-four per cent of 1,000 renters surveyed by Allstate said it would take three or more years to replace everything they lost if they didn’t have insurance, and yet only 45% of renters taking part in the poll have a renter’s insurance policy to protect their personal possessions and collectibles.

Only about a third of renters said they have completed a home inventory to catalog their possessions, compared to 44% of homeowners. Twenty-five per cent of renters use a home security system compared to 44% homeowners.

Eighteen per cent of renters reported owning a coin collection, 12% said they have a shoe collection, 9% collect jewelry and 8% collect art or paintings.

“It’s important for renters to know that their landlord’s insurance most likely will not cover the tenant’s personal belongings,” said Keith Rutman, vice president of Allstate’s consumer household unit. “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.

“The average renter owns about $30,000 worth of possessions, and a renter’s insurance policy can help cover losses due to common perils like theft, fire and smoke, vandalism and water damage.”