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Renters Confused about Property Protection

Posted By Administration, Tuesday, July 9, 2019

Assurant took a look at renters and what they are and are not insuring, and at how they are protecting themselves. To start with, they’re fairly careless. Assurant pointed out that lack of caution opens them up to burglars.

Spokesman and Assurant senior vice president Steve Hein explained why (and this probably applies to homeowners, too):

  41% post news of their vacations on social media

  88% of the 41% posted while they were actually on vacation

“We were surprised to see that more people are essentially advertising that their homes are empty, especially since our survey found security was the second most important feature when choosing a rental home,” Hein said. “The reality is that given the world we live in where technology can compromise privacy and safety, it’s imperative for renters to take extra precautions and have the right protections in place.”

Most of those responding were concerned and 32% worried about security especially during summer months. Yet:

  45% only have just one lock on the door

  36% said they rely on neighbors to keep an eye out on their homes or apartments

  Less than 25% of renters have video cameras, phone alerts or alarm systems

Hein said interestingly, 54% said they’d pay more for rent if their landlord offered a connected security device or doorbell. “Property managers and landlords need to be aware of renters’ growing interest in security features,” he pointed out. “Advances in technology have made connected security devices that monitor homes more affordable and many renters expressed a willingness to pay more for such protection.”

As you might expect, a lot of renters — 36% — are confused as to whether they or their landlord is responsible for burglary or property theft, or for damage from a fire, weather or the negligence of a neighbor.

When asked about renters insurance to cover theft:

  30% without it said they’d never thought about it nor had it been offered to them

  26% say it is too expensive

  19% think the landlord is responsible

And — as a coup de grace — 59% have underestimated how much it costs to replace things.

As for those wise enough to purchase renter’s insurance, a lot of them are confused about what it covers:

  98% do not know it covers them if their dog bites someone

  81% don’t know a rug ruined by an overflowing toilet is covered

  84% don’t know someone injured in their home or apartment is covered

  57% don’t know temporary housing is covered if the home is uninhabitable for a reason like fire in their neighbor’s apartment

Source link: Insurance Journal

 

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