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Gates-Cole Insurance is an independent insurance agency with 10 locations in NY representing over 45 regional and national insurance companies. Our team of professionals has in-depth knowledge and experience in Auto Insurance NY, Home Insurance NY, Business Insurance NY, Boat Insurance NY, Motocycle Insurance NY and all other areas of insurance. We have a genuine interest in finding the right solutions for you. We would like to become part of your insurance program, and participate in the planned growth of your future.
Renters Insurance: Reality Check
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A recent nationwide survey found that only 34% of tenants carry a Renters policy which means that most renters are taking a financial gamble with all of their belongings.

The three leading reasons that respondents gave for not buying Renters insurance show that many people don't understand what this policy covers - and doesn't cover:
  • Nearly three in five (57%) felt that their rented home has such effective security that they don't need protection against losses from theft.However, without a Renters policy, tenants still remain highly vulnerable to other risks. A fire could damage or destroy their possessions, requiring replacement at a high cost. An accident might leave the unit temporarily unlivable, costing hundreds or thousands in living expenses. An injury to a visitor on the premises could result in costly medical bills - not to mention a lawsuit. The typical Contents policy will provide protection against these losses - and a wide variety of other risks.
  • More than half (52%) believed that they couldn't afford the coverage. Among respondents, 21% estimated the annual premium at $1,000 or higher, while another 60% pegged the cost as $250 a year or more.However, according to the National Association of Insurance Commissioners (NAIC), the average Renters policy costs only around $185 a year.
  • Nearly half (48%) thought that the landlord already had coverage.Although the landlord carries insurance in the building itself, the policy does not cover risks to tenants' property and liability.
For more information on how Renters insurance can protect you, feel free to get in touch with us.  
Shawna Kreis
Other articles by: Shawna Kreis
Categories: News, Gates-Cole Insurance, Personal Protection, Renters Insurance
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