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There were 43 million renters in the U.S. in 2017, the highest number of renters in the last 50 years. Yet according to the Insurance Information Institute, only 37 percent of those currently renting have renters insurance, leaving 27.1 million renters without protection should catastrophe strike.
It’s important for renters to understand that while their landlord’s homeowner’s policy would cover structural damages to an apartment or home, it will not protect the renter’s personal belongings.
Here are some common areas that renters insurance typically covers:
Damage from Snow, Ice, and Sleet
Damage from malfunctioning equipment such as water heaters, air conditioners, or other household appliances
Along with property damage, renters insurance will also typically cover a tenant’s liability in case of injury to a visitor on the property.
Those looking to purchase renters insurance for the first time need to be aware of the exclusions that are written into the policy. Here are a few of the typical exclusions:
The rising popularity of robo-advisors has some in the industry wondering whether this is the beginning of the end for financial advisors.
In reality, robo-advisors have been able to do something that traditional financial advisors have not; get those with limited resources to begin creating a portfolio of investments.
Experienced financial planners typically don’t accept clients with less than $200,000 or (much) more in their portfolio. On the other hand, some robo-advisors are accessible with as little as $1,000, with others not having a minimum balance requirement at all.
Using a robo-advisor is easy, with investors simply filling out a detailed questionnaire indicating their investment goals and objectives. The entire process is automated, with the robo-advisor using a sophisticated algorithm to determine the best investments for your situation based on your preferences indicated on the questionnaire.