Is renter's insurance affordable? - FOX 10 News | myfoxphoenix.com

Is renter's insurance affordable?

Posted: Updated:
ATLANTA -

There are more renters in homes and apartments than ever before.  But, according to national statistics, more than half don't have renter's insurance. The number one reason is that renters, who generally have tighter budgets, think they can't afford it.

Coverage for a renter is actually quite cheap because it's not covering the structure, only your belongings and that's a big difference. If you buy a cup of coffee every day, a recent survey says you spend $20 a week. According to insurance statistics, the average cost of renter's insurance in $15 a month, so it is something you can afford.

Why should you get renter's insurance? All too often in apartment fires, residents lose everything from clothing to electronics. According to insurance providers, too many renters think their landlord's insurance will cover them. It doesn't.

If you have your own insurance, it could cover not only your losses but the cost of housing while your place is getting fixed.

First, shop around for the best deal.  Bundling -- combining car and renter's insurance -- might be the best option. Also, take pictures of everything you want covered, and be generous with your calculations.  Renter's insurance is so cheap you can afford to cover it all. And, ask if you need to buy extra insurance, called a rider, for very valuable items such as a family heirloom.

  • I-Team Story ArchiveMore>>

  • RAW VIDEO: I-Team's undercover visit to Boggs Mountain

    RAW VIDEO: I-Team's undercover visit to Boggs Mountain

    Thursday, April 24 2014 1:43 PM EDT2014-04-24 17:43:54 GMT
    Trial is set May 12 in Rabun County for a case uncovered by the Fox 5 I-Team that continues to trouble animal lovers across the country. Lowanda "Peanut" Kilby faces 60 counts including theft by taking, theft by deception and racketeering.
    Trial is set May 12 in Rabun County for a case uncovered by the Fox 5 I-Team that continues to trouble animal lovers across the country. Lowanda "Peanut" Kilby faces 60 counts including theft by taking, theft by deception and racketeering.
  • Identity Protection Bill Signed into Law

    Identity Protection Bill Signed into Law

    Thursday, April 24 2014 11:28 AM EDT2014-04-24 15:28:15 GMT
    With a stroke of the governor's pen, a new law that could help protect your identity now goes into effect. Republican State Senator John Albers says his bill, now law, will prohibit public disclosure of private information in court documents.
    With a stroke of the governor's pen, a new law that could help protect your identity now goes into effect. Republican State Senator John Albers says his bill, now law, will prohibit public disclosure of private information in court documents.
  • Fox 5 I-Team

    Cheap vs. Frugal

    Cheap vs. Frugal

    Wednesday, April 23 2014 9:15 AM EDT2014-04-23 13:15:25 GMT
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices