TRAVELERS CO'S : Renting Grows 10 Percent in Past Five Years
10/07/2010| 10:55am US/Eastern
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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 www.travelers.com.
About Travelers
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 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.
Media Contacts:
Sheila
Trauernicht, 860-277-7461
or
Matt Bordonaro, 860-277-7014
© Business Wire 2010
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