Yes, you need renter’s insurance

A study by indicates roughly 60 percent of renters lack a renter’s insurance policy.

The study revealed that 72 percent of renters below the age of 25 do not have renter’s insurance.

This statistic is alarming to those in the insurance industry, particularly when younger renters are unlikely to have savings to draw from in the event their dwellings suffer fire, water, earthquake or other damage.

The most common reason renters opt not to purchase renter’s insurance is the belief they cannot afford a policy.

However, renter’s insurance is surprisingly affordable. According to the National Association of Insurance Commissioners, the average cost of a renter’s insurance policy is $15 per month. With 50 percent of American workers spending $80 per month on coffee, $15 per month is a relatively low expense. It is significantly less expensive than car insurance or home insurance.

If you live in the Carrollton, Texas area and are considering purchasing renter’s insurance, contact Mike Leonard Insurance to discuss your options. Mike has been selling auto, home and renter’s insurance out of Carrollton since 1982. His independent agency offers a variety of top carriers, including MetLife, The Hartford, Progressive and Safeco.