banner
House & Home

Is saving money worth the risk of skipping renters insurance?

Posted October 30, 2017 4:53 p.m. EDT

More and more people are renting instead of buying a home, but according to experts, they’re forgetting to buy insurance to protect their belongings.

The recent spike in apartment construction is more evidence that the trend of Americans renting, rather than buying a home, continues, especially among millennials.

“Fifty percent of renters are below the age of 30,” said Laura Adams with Insurancequotes.com.

The increase in renting has also resurrected the debate about whether or not to buy renters insurance.

“It’s so important to understand the benefits of renters insurance and to also understand what the risk is if you go without it,” Adams said.

For Adams, there is no debate.

“The problem with not having renters insurance and sort of assuming that the landlord is going to take care of you if you get into legal trouble or you have a natural disaster, the problem with that is that their insurance never covers you,” she said.

Adams argues that personal possessions and personal liability inside a rental aren’t worth risking for $16 per month.

“The average cost of a renter’s premium across the nation is less than $200. It’s actually $190,” she said.

Although there is no law, Adams said more landlords are requiring renters to carry renters insurance.

Around the Triangle, the number of people renting instead of buying homes has stayed steady in recent years.

According to findings from the American Community Survey, aAbout 48 percent of housing units in Raleigh were occupied by renters in 2015.