Renters who make less than $30,000 annually buy renters insurance only 25 percent of the time, while those making over $75,000 annually have coverage 69 percent of the time. This is according to a study commissioned by Effective Coverage and performed by ORC International.
The study also found that only 31 percent of renters living in subsidized housing buy renters insurance, while renters living in market rate housing buy renters insurance 47 percent of the time.
According to the Department Of Justice, low income renters are also more likely to experience a crime and are unable to recoup their losses as a result of not having renters insurance.
An earlier study showed encouraging results, noting that 44 percent of renters in all demographics buy renters insurance. That study was groundbreaking in the industry because it showed that more renters than ever before have renters insurance. It is important, however, to examine exactly who has coverage. In so doing, that data may be utilized to focus our educational resources where they’re most needed. Read more here.