Due to the downturn in the housing market, more people are renting than ever. The majority of today’s renters are young adults between the ages of 18 and 34. While most of the people in this age group say it would cost an average of $5,000 to replace their belongings, very few of them are covered by renters insurance. That means there’s a lot of uninsured property out there. Without insurance, owners might not be able to replace their property if they were to lose it.

The people who need renters’ insurance the most tend to think of it in narrow terms, such as replacing their belongings in case of a natural disaster. Young people on the whole just don’t think a natural disaster is something that should concern them. They don’t realize that renters insurance will also cover the cost to replace their belongings in case of theft, damage by people who visit their homes, and a wide variety of other circumstances.

Budget is most commonly cited as the main reason for not getting renters’ insurance. Young people think it’s more expensive than it is, and they are concerned it won’t fit into their already limited monthly income. In actuality, renters’ insurance can be very inexpensive. The vast majority of people who need it could cover all or most of their belongings for around $20 a month.

For more information about renters’ insurance in La Habra, California, please contact Martplan Insurance Agency.