Whether you own or rent, you’re bound to end up with furniture, clothing, electronics and a whole lot of other stuff. But that’s where the common ground ends.

Most homeowners have insurance that covers the loss of their possessions in the event of a fire, theft, or other covered peril. That’s not the case for renters.

Nationwide, 96% of homeowners have homeowners insurance (such insurance is a requirement of having a home loan) while only 43% of renters have renters insurance, industry statistics show.

Almost half of the renters questioned in an Allstate survey of the Bay Area conducted in June said they knew about renters insurance, but had not yet bothered to look into getting a policy. Another third said they didn’t think their possessions were valuable enough to get insurance.

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