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Study: Few renters purchase insurance

Posted On Tue, July 24, 2012

As most people are aware, having insurance on a property is one of the most vital aspects of achieving peace of mind on a daily basis. Because life can be unpredictable, it's better to be safe than sorry and check out insurance rates.

However, people who rent homes or apartments through Craigslist postings and other channels often fail to purchase this necessary insurance. A recent study by Insurance Information Institute found that just 31 percent of renters had property insurance, leaving many at risk. It also found that just 15 percent of Hispanic renters had purchased insurance.

"Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment," pointed out Jeanne M. Salvatore, the III's consumer spokesperson and senior vice president for public affairs. "While your landlord may be sympathetic if you experience a burglary or a fire, your possessions are not covered by your landlord's insurance."

Salvatore made other headlines recently when she advised people to purchase insurance for bicycles, which is also part of homeowners or renters insurance. She said that if people failed to buy a plan they could find themselves suffering repercussions from unplanned accidents.

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