At Champion, we require that our residents carry at least $300,000 of liability coverage through a renter’s insurance plan. We are often asked by new renters, why this is mandatory, and the truth is, it is for safety. It is for the safety of the resident and his or her belongings. It is for the safety of their surrounding neighbors and all of their belongings! Accidents that require this coverage to be accessed are rare, but in the event that something were to happen, we want our residents and their neighbors to have that piece of mind.
Despite the peace of mind renter’s insurance brings, a survey by For Rent revealed that out of the 1,000 people asked, 60 percent of them did not have it! They cited the expense as their reasoning. But what is the true cost of renter’s insurance anyway? Many car insurance companies also offer renter’s insurance and will allow you to bundle the cost together for convenience.
According to Rent.com’s survey, the average premium cost for renter’s insurance is $15.75 a month. Think about what that actually amounts to:
- One person’s bill ONCE at a casual dining restaurant.
- One large delivery pizza
- Less than a tank of gas
- 2 Tickets to a Columbus Clippers game
Click on this great graphic from For Rent for additional
items that renter’s insurance costs less than: