While temperatures may drop in the winter, did you know rental prices often drop as well? Just in the nick of time, we’ve uncovered opinions towards renting along with tips for what renters need to know to keep themselves protected.
In a recent survey*, we found more than three in five renters (68%) don’t have renters insurance, which includes 72 percent of Millennials, and the reasons might surprise you!
One in four survey respondents think renters insurance is too expensive (when it can actually cost less than $20 per month!);
Seventeen percent think the chances of something happening are slim; and
Thirteen percent think they live in a secure building.
However, once you’re covered by renters insurance there are still other misconceptions. Undervaluing belongings is a common mistake made by renters across the country. And to ensure you’re fully protected, we suggest the following renters insurance tips for taking proper inventory of your belongings:
- Create a digital inventory. Create a spreadsheet of your belongings, especially larger purchases, by tracking receipts. This is a great way to track value and retailer information should anything happen.
- Snap pictures. Along with your inventory, photos are an easy way to keep track of your belongings over the years. Snap pictures from your phone or digital camera as you’re unpacking to save even more time. Consider saving the images to a cloud-based server so they don’t disappear if your personal technology is stolen.
- Take a virtual tour. As an added visual, walk through while videotaping each room, narrating some of the most notable and valuable belongings. It’s a great back-up to the receipts and photos you’ve already collected. Don’t forget to open drawers and closets!
- Don’t overlook your wardrobe. When calculating how much coverage you need for renters insurance, you may be forgetting your most valuable asset … what’s in your closet. Adding up the estimated value of all the clothes, shoes and accessories you’ve accumulated throughout the years could prove more valuable than all of your electronics.
Check out our latest infographic for a fun look at some more common renters insurance myths we’ve dispelled: