Renters Insurance Rare Among Hispanics

BLOOMINGTON, IL—A new survey by State Farm shows that only 29% of Hispanics who rent their homes report having renters insurance. In fact, among respondents without renters insurance more than one third had never heard of renters insurance. Furthermore, most overestimated the cost of coverage and underestimated the value of their property. Not having renters insurance could leave Hispanic families vulnerable to a financial catastrophe especially during the holiday season.

The insurance company’s strategic resources department hired a vendor that surveyed 539 renters. The results shine a light on a group increasingly important in the commercial real estate world. “There seem to be some misconceptions when it comes to renters insurance,” says Stephanie Colegrove, operations vice president – underwriting. “We want everyone to know that if their possessions are stolen during a break-in, or damaged by a fire or another covered loss, a renters insurance policy can help them replace their valuables.”