U.S. Census Bureau figures highlight continued growth in renter market; Travelers reminds consumers of the importance of renters insurance
HARTFORD, Conn., Oct 07, 2010 (BUSINESS WIRE) -- Travelers (NYSE: TRV) recently analyzed national housing figures from the U.S. Census Bureau and the results indicate more than a 10 percent gain in the number of renter-occupied housing units between 2004 and 2009. According to the U.S. Census Bureau, the number of renter-occupied housing units increased nationally from an estimated 33.3 million in the fourth quarter of 2004 to an estimated 36.7 million in the fourth quarter of 2009, a 10.2 percent increase. Given the increase in renters today, experts at Travelers point out that renters need to understand the various coverage protections available.
"Travelers' analysis of the U.S. Census Bureau figures suggests that more families and individuals are choosing to rent, whether it's because of the economy or other reasons," said Sean Meehan, Second Vice President, Travelers Personal Insurance. "While renting doesn't come with all of the financial responsibilities of owning a home, having the right insurance coverage is important whether you're renting or buying."
Travelers reminds consumers that renters insurance can help protect against loss or damage to personal property. Additionally, it provides coverage for personal liability for another's injury or damage to their property, if damaged by the policyholder. While landlords should have property insurance coverage for the building, the landlord's insurance does not protect the tenants. Renters should consider insurance to cover their personal property such as clothing, furniture or electronic equipment in the event of damage to the property or theft.
The right coverage can also provide renters with peace of mind for other circumstances they may not anticipate. Below are five coverages* that are normally part of a renters insurance policy:
- Credit Card & Check Forgery - provides coverage for losses from credit card and check forgery;
- Additional Living Expenses - delivers coverage for reasonable necessary additional living expenses (hotel, meals, laundry, etc.) if damage to the building prevents a renter from living in the unit;
- Personal Liability Protection - provides financial protection against liability claims and lawsuits brought by others for accidental bodily injury or property damage;
- Fire Legal Liability - protects the renter if they are held legally responsible for accidentally caused fire damage to the building in which they live;
- Improvements - applies a percentage of the contents coverage to repair or replace improvements made by the renter to the rental unit that has been damaged.
"Even though a renter does not own the building, they still have personal belongings. The question is if something happened, can they afford to replace everything they own?" added Meehan. "Renters insurance makes sense because it helps safeguard a renter's finances against liability claims, replacement of personal belongings and other situations like credit card and check forgery."
To learn more about renters insurance, visit Renters Insurance Coverage Basics at http://www.travelers.com.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit http://www.travelers.com.
* These descriptions are simplified and Travelers recommends that renters read their policy to understand the limitations and restrictions of their own policy and the amount of coverage they purchased.
Travelers Companies, Inc.
Sheila Trauernicht, 860-277-7461
Matt Bordonaro, 860-277-7014