A recent survey conducted by a top insurance carrier found, unsurprisingly, that the number one concern for renters is fire damage. What the survey found that is surprising is that only 45 percent of people surveyed have a renter’s insurance policy to protect their personal items of a loss occurs.Many renters don’t understand that their landlord’s insurance most likely will not cover the tenant’s personal items. The average renter owns at least $30,000 worth of personal items in their rented property. Looking at it from this perspective, it’s a frightening to consider how much renters could stand to lose. According to the survey, only about 44 percent of homeowners have completed a complete home inventory to catalog their possessions, but only about 33 percent of renters have done the same.
This survey reiterates the fact that consumers need to be aware of what their insurance policies will cover. After a disaster happens, it’s too late to take an accurate inventory of the damage and possessions lost. New insure to value tools now on the market like ContentsITV can help both homeowners and renters create a complete inventory of the personal items in their home or rented property. Pre-loss inventories also put homeowners and renters on the same page with their insurance provider in determining the right amount of insurance needed to cover their possessions.
Not too long ago, accurate pre-loss inventories were too time-consuming and cumbersome for many homeowners and renters to consider preparing. Thankfully, we now have the tools and technologies that make it possible to take conduct a pre-loss inventory without too much heavy lifting by the insured or the carrier, resulting in better preparation all around and higher customer satisfaction.