Apartment dwellers not taking advantage of renters insurance

Many people who move into an apartment say that they can't afford renters insurance.

About two-thirds of American renters don't have the insurance, according to a survey by Apartments.com. Aside from saying that they cannot afford the cost, many claimed that they did not even know renters insurance existed and another portion said that their belongings weren't valuable enough to insure. Of the 33 percent of respondents who did purchase the insurance, a majority said that they pay on average $12.50 a month, according to the survey.

About 79 percent of insured renters said that they bought it to protect themselves against theft. Additionally, 70 percent bought it to protect themselves against fire and lightning, while another 52.3 percent said that water damage was a compelling reason, said the survey.

"Management companies and landlords also understand the value of renters insurance, said the website. "While most would likely prefer residents to carry renters insurance, nearly 20 percent of survey respondents said it is mandatory at their apartment community."

Before moving into a new apartment, renters should check with their landlord regarding the availability or requirements of renters insurance.

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