The U.S. Department of Justice's Bureau of Justice Statistics reports that rented households are burglarized at rates 79 percent higher than residents who own property. Yet a recent PEMCO survey shows less than half of renters have rental insurance to replace their belongings.

"Education and awareness are key," said Kenneth Quist, president of the Premere General Agency. "Oftentimes, renters may think that their landlord is responsible for the loss or damage of their property, or they simply don't know that such a thing as rental insurance exists."

Most adults have rented an apartment or house at some point in their lives, perhaps as college students or maybe as busy professionals who didn't want the responsibility of homeownership. For those who experienced a robbery, rental insurance -- or lack thereof -- most certainly was a factor in their financial recovery.

Renter's insurance covers the value of the lost or damaged property at its purchase price, not its "garage sale" price. So, renters could replace all their items with brand-new equivalents, even if their property was handed down to them from a friend or relative.

"Renters would be shocked to learn the actual value of their belongings if they calculated their replacement value," he said. "Even a sparsely furnished apartment or house contains clothing, electronics and kitchenware that could easily cost thousands to replace when purchased new. But someone with Mom's old dishes or hand-me-down furniture often fails to take this into account and underestimates the value of his or her belongings."

The cost of renter's insurance, although minimal, is more than some want to spend. Premiums depend on the property value reported by the renter, but an average apartment or house can sometimes cost less than $100 for an entire year's coverage.

Renters generally have less in terms of assets than those who own their homes. In many instances, renters' incomes may be lower, and they would have a harder time replacing what property they did own. This is one reason why renter's insurance is invaluable.

The 2006 PEMCO survery showed thirty-three percent of respondents cited the reason they don't have renter's insurance is because it's too expensive, while 27 percent said they don't have enough property to warrant a renter's policy.

Insurance companies such as Premere often provide free quotes to renters. Premere's free comparison quote tool, available through http://www.premereagency.com, gives renters the opportunity to see their options for rental coverage.

Peace of mind is perhaps the great benefit of rental insurance, Quist said.

"You hope you never have to use it, but if you do, the comfort of knowing that you can replace everything is invaluable," he said. "You just can't put a price on that."

About Premere General Agency

Premere General Agency, located in Tulsa, Okla., offers insurance for owners of manufactured housings, recreational vehicles, motorcycles and watercraft, in addition to renters. The agency has the capability of writing insurance coverage on primary residences, secondary residences, vacant homes and rental homes.

Xeal Professional Press Release Optimization