Survey: Millions of Renters Lack Insurance Coverage

Almost 25 million U.S. families renting their homes are going bare on insurance coverage, leaving themselves vulnerable to serious property and liability losses. Many renters without coverage own valuable, high-tech equipment and face higher risk related to pets, a new national survey conducted by Trusted Choice® finds. Among those respondents who said they don't have renters' insurance, 26 percent feel that the coverage is too expensive and another 17 percent said they didn't know they needed it. Moreover, another 8 percent have never heard of renters' insurance. Coverage for renters is widely available in most parts of the country, with the average annual premium about $20 per month for about $20,000 of property coverage and $500,000 of liability coverage.