Few take advantage of renters' insurance

NORTHAMPTON, Mass. (WWLP) - Renters’ insurance can help replace your belongings if you are robbed or have a fire, but few renters choose to get this kind of protection.

It is estimated that only one third of renters actually buy renter's insurance.

Those who don't have it say it’s too expensive, or believe their landlord's insurance will cover losses. Scott King of King & Cushman Insurance says that those are all misconceptions.

“The landlord policy is insuring the building itself. So there's no coverage under the landlord policy for any of the tenants’ belongings. It's unfortunate that people believe that's the case but it's not the case,” King said.

King says it's an unfortunate trend given the low cost and the benefits.

Renter's insurance can insure your belongings if they are stolen or damaged. It can even cover items in your car and your luggage while you're on vacation.  King says you can usually bundle this type of coverage with your car insurance.

King says plans can rage anywhere from $125 to $150 per year.