Why do only 37 percent of renters have a renters insurance policy while 95 percent of homeowners have a homeowners policy? Partially because of misinformation, suggests a poll from the Insurance Information Institute, which found that some people believe their personal property is covered by the landlord's insurance or that renters insurance is expensive. Neither is true. A landlord's insurance covers only the building, and on average a renters insurance policy costs $187 annually.
If that still seems like too much, the following tips can help decrease premiums -- although there's one coverage type that renters may not want to scrimp on.