Are you covered? Why Renters Insurance is More Important
Than Ever
Article by Adam Bakonis
(BPT) - Renting your home? You're not alone. According to Pew Research, more than 44 million households in the U.S. were rented in 2024 - that's more than one-third of all homes. And the number keeps growing.
With renting on the rise, it's never been more important to think about protecting what's inside your home. That's where renters insurance comes in. Many people mistakenly believe their landlord's insurance covers them, but that's only true for the building - not your belongings.
Mercury Insurance wants renters to know they have options - and that coverage is often more affordable than people think. Renters insurance can help replace your things after theft, fire or other disasters, and even offer liability protection if someone gets hurt in your unit.
"Renters insurance can offer peace of mind when it comes to such things as protection of your personal property and
finances," said Adam Bakonis, Senior Product Manager State for Mercury Insurance. "Some consumers don't think about renters insurance until they are in a situation in which they need it, so it pays to do some research prior to moving into a rental property so that you are prepared for the unexpected."
Here are some of the benefits of having renters insurance:
* Protection of Personal Property: Renters insurance helps cover the cost of repairing or replacing your belongings - such as furniture, clothing and electronics - if they are damaged or stolen due to covered perils like fire, theft, vandalism and water damage from burst pipes. Your belongings can be covered even if the loss occurs outside your rental unit, such as in a storage unit or while traveling. You may have the option of choosing between replacement cost value (RCV) or actual
MIND YOUR BUSINESS