As the number of renters climbs to 34.8% of the occupied housing market, the gap between homeowners and renters is shrinking. More people are renting and they’re doing so for longer periods of time. Find out which 10 cities are home to the most tenured renters (25+ years), the valuable protection a renters policy provides, and how to determine the amount of coverage you need.
Top 10 Cities for Long-term Renters (per 100,000)
- New York, New York: 5,188
- San Francisco, California: 3,511
- Los Angeles, California: 2,349
- Boston, Massachusetts: 1,827
- Washington, D.C.: 1,813
- Oakland, California: 1,788
- Chicago, Illinois: 1,455
- Long Beach, California: 1,356
- Detroit, Michigan: 1,268
- Miami, Florida: 1,195
Even with the rise of long-term renters, only 57% of them have renters insurance. However, renters insurance covers a lot more than your personal belongings.
What Does Renters Insurance Cover?
Renters insurance provides financial protection against unexpected events. A landlord’s insurance policy covers the building, not your personal liability or belongings. A Westwood renters policy covers the following:
• Replacement or repairs for personal belongings such as furniture, electronics, and clothes.
• Financial help for legal representation in a lawsuit against you for an injury or loss that occurred in your rental.
• Medical expenses for guests who are injured at your home.
• Additional living expenses if your rental home is uninhabitable due to a covered circumstance.
Determine How Much Coverage You Need
The best way to figure out how much coverage you need is to determine the estimated value of all your personal possessions. A home inventory can help with this. If you have any expensive valuables, such as jewelry or collectibles, you may want an endorsement—an add-on policy—that provides additional coverage for those pieces.
Never underestimate the value of your possessions. Renters insurance can be an effective way to protect you and your belongings. Contact Westwood to set up a renters insurance policy that fits your needs and budget.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
