Fifty-four percent of U.S. renters say it would take three or more years to replace everything they lost if they didn't have insurance, but only 45 percent of renters have renters insurance to protect their personal belongings, according to a new survey by Allstate.
A landlord's property insurance covers the building -- not a tenant's belongings
"The average renter owns about $30,000 worth of possessions, and a renters insurance policy can help cover losses due to common perils like theft, fire and smoke, vandalism and water damage," Keith Rutman, vice president of Allstate's consumer household unit, said in a press statement.
Renters insurance also helps cover the cost of living in a hotel or other rental unit if a tenant is forced out of the dwelling during repair work.
The survey also found that a third of renters have completed an inventory to catalog their possessions, compared to 44 percent of homeowners.
Allstate provides a What's Your Stuff Worth tool to calculate the cost to replace household belongings, and the Insurance Information Institute provides the Know Your Stuff Home Inventory software to help renters and homeowners complete and maintain inventories of their possessions.