The study found that household liquidity constraints prevent them from taking advantage of the additional money-saving strategies.
The study goes into depth on a number of topics, including the inability of those without disposable income to save money by stocking up when they see a good deal.
Ultimately, this penalty forces them to pay whatever price is currently being charged for the items they need at that moment. In addition, after a loss, they’re stuck paying the then-current price to replace their property out of pocket.
These same people who are unable to take advantage of the discounts available to those who spend more often are without the protection of Harrisburg Renters Insurance. The costs of living increase dramatically after suffering a loss.
A household that’s living paycheck to paycheck suddenly finds themselves completely underwater following a theft, a fire, or another disaster that would be covered loss if they had renters insurance. But is there a reason that the people who need it the most are the least likely to have renters insurance?
We’ve discussed elsewhere that studies have shown that people who most need renters insurance are least likely to have it. There are a variety of reasons for that. Many people who could make use of the coverage don’t even know that it exists. We try to resolve that with education and outreach.
Many other people think that the coverage is too expensive. When the average cost of PA Renters Insurance is about fifteen dollars a month, that’s not a real concern for many people. However, it’s not just the actual cost.
People who can least afford to recover from a loss and are living paycheck to paycheck tend to be accustomed to seeing instant value from the money that they spend. They’re expecting to receive something in hand once they’ve paid their money. The value of renters insurance is harder to see from a paycheck to paycheck standpoint.
When a single mother with two kids does her grocery shopping for the month and has no more money for food, she’s assuming that her fridge and her power will continue to operate as they should. If that is not the case, she can’t afford to replace the spoiled food. Renters insurance often offers coverage for that spoiled food.
When a struggling family with two teenagers and not enough space suffers a fire, the one hotel room the Red Cross can provide might not be enough. Renters insurance covers loss of use in that situation, as well as replacing the personal property. The cost of the hotel is on the insurance policy, not on the family’s budget or the generosity of an organization.
Maybe you can’t afford much for your family for Christmas, but you’re bound and determined to get them something. You leave your packages in the car and run back into the mall for one last thing. In that time, someone steals the things you’ve already purchased from your car. Auto insurance won’t cover that loss, but your renters insurance will!
We will admit that there is not an immediate return every time you pay for your renters insurance, especially if you have a tight budget. But the long-term returns are substantial. Tight budgets don’t allow much in the way of room to recover from a loss, and renters insurance protects your family from those losses.
Whether you’re just living on a tight budget, or suffering from the gender insurance gap, you know that you need to get renters insurance to protect your family.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
To find out just how affordable is can be to protect your family and to reduce the cost of your tight budget, just call (800)892-4308 or click to get covered - whether you need Harrisburg renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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