When Does Renters Insurance Pay?

Home rental key in keyhole.More people rent than any time before, and it’s been slowly creeping up. According to the U.S. Census, in 2014 we’re now at 37% of rented households, and in certain large cities and states this can over 50% (in California 53% are renters). A 2015 survey by the Insurance Information Institute found that while 95% of homeowners had Homeowners Insurance, only 40% of renters and Renters Insurance. One of the reasons is the uncertainly of what if covers and when it comes into play verses other parties’ insurances providing the payout. A recent story highlights what happened when renters didn’t have the insurance and answers the question “when does renters insurance pay?” [Read more…]