Many renters in the Madison, WI area are living in apartments and rentals without any renters insurance. Many Madison WI student renting apartments in Madison’s campus area are especially guilty of going without protecting themselves should something happen to the Madison WI apartment or rental they are living in. So “Why is Renters Insurance Is Worth Its (Low) Cost? Over the past several years, two of my good friends experienced apartment fires that ruined parts of their homes (although thankfully did not injure either of them). Maybe that’s part of the reason why I think of renters insurance as more of a necessity than a luxury. For a relatively low amount—you can protect yourself financially from potential disasters striking your home or apartments.
Most college-age adults, however, don’t bother to get renters insurance for their apartments. According to a new study from Allstate Insurance, two in three say they have no insurance protection whatsoever. At the same time, about half said their belongings are worth more than $10,000 and the vast majority said that they could only afford to replace some of those items if they had to.
Allstate, not surprisingly, wants to encourage young people to insure themselves. They point out that many people are willing to pay a couple hundred dollars a month on clothes, but aren’t willing to shell out anything to protect themselves from the risk of theft, fire, and other catastrophes. “It’s a shame because renters insurance is one of the smartest investments people in this situation can make and so few take advantage of it,” says Julie Parsons, a vice president at Allstate.
Apartment renters, in fact, are more at risk than homeowners. The Bureau of Justice Statistics reports that renters are 50 percent more likely to experience theft than those who own their homes….”
by Kimberly Palmer
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