Many Americans are misinformed about home, renters, and auto insurance benefits — here’s what they need to know

A tenant’s or landlord’s insurance policy can cover you when someone steals your belongings — even if the theft takes place outside the home. Yet 43% of Americans don’t realize that’s the case.

This misconception about insurance benefits for stolen property outside the home is highest among Gen Z ages 18-25 (49%) and lowest among Baby Boomers ages 57. at age 76 (38%). Meanwhile, more people with the standard Tenant insurance (51%) are confused about their coverage for stolen property than homeowners with standard home insurance policies (40%).

As for personal effects stolen from inside your vehicle, the confusion is growing. Most people (60% of respondents) mistakenly believe that comprehensive car insurance will cover them in this situation. Those without home or renters insurance are the most likely to have this misconception (75% of renters without renters insurance and 84% of landlords without home insurance).

In reality, it is your home or renter’s insurance policy that covers personal effects stolen from your car. Yet only 31% of people understand this.

Most people (69%) realize that comprehensive auto insurance can protect them if their vehicle is stolen or damaged in a burglary. But almost 25% of those who have auto collision insurance mistakenly believe that they are covered in these situations.

This is a graphic about car theft insurance

There are subtle differences in lack of knowledge on this topic depending on a person’s income bracket. Below is an overview of the percentage of people who mistakenly believe that auto collision insurance provides coverage for theft Auto or damage during a break-in:

  • Less than $35,000: 20%

  • $35,000 to $49,999: 22%

  • $50,000 to $74,999: 16%

  • $75,000 to $99,999: 9%

  • $100,000 or more: 12%

More than 1 in 10 think home renters insurance is a waste of money

When asked if homeowners or renters insurance is worth it, 87% agree it’s important. Yet that means a surprising 13% think the coverage isn’t worth it.

About the same percentage of men (12%) and women (13%) think home or renter’s insurance is a waste of money. And this is a belief also shared by 33% of owners without home insurance and 28% of tenants without rental insurance.

There are noticeable differences between how members of different age groups feel about the subject. About 1 in 5 (17%) Gen Zers, more than any other generation, think buying home or renter’s insurance isn’t a good use of their money.

This is a graph on what generations think of home insurance

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Yet 43% of Americans don’t realize this is the case.u003C/p u003Ennu003Cpu003Eu003Cdiv class=”ShortcodeImageResponsive–root”u003En u003Cfigure class=”ShortcodeImage– root”u003En u003Cpicture class=”ShortcodeImage- -picture”u003En u003Csourcen media=”(max width: 607.5px)”n data-srcset=” https://res.cloudinary.com/value-penguin /image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_1600/v1/true-false-home-renters- m_zl6ipo 1x, https://res.cloudinary.com/ value-penguin/image/upload/c_limit t,dpr_2.0,f_auto,h_1600,q_auto,w_1600/v1/true-false-home-renters-m_zl6ipo 2x”n/u003En u003Cimg alt=”This is a graph of Stolen Away From Home” class=”lazyload” data-src=”https://res.cloudinary.com/value -penguin/image/upload/c_limit,dpr_1.0, f_auto,h_1600,q_auto,w_1600/v1/true-false-home-renters_yshzq5″ src=”https://res.cloudinary .com/value-penguin/image/upload/c_limit ,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_1600/v1/true-false-home-renters_yshzq5″ data-srcset= “https://res.cloudinary.com/value -penguin/image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_1600/v1/true-false-home- renters_yshzq5 1x, https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_1600/v1/true-false-home -renters_yshzq5 2x”u003En u003C/pictureu003E n u003C/figureu003Enu003C/divu003Enu003C/pu003Ennu003Cp u003EThis misconception about pr Insurance ratings for stolen property outside the home are highest among Gen Zers ages 18-25 (49%) and lowest among Baby Boomers ages 57-76 (38 %). Meanwhile, more people with standard u003Cspanu003Eu003Ca class=”ShortcodeLink–root ShortcodeLink–black” title=”What is (and isn’t) renters insurance? ” href=”https: //www.valuepenguin.com/what-does-renters-insurance-cover”u003Erenters insuranceu003C/au003Eu003C/spanu003E (51% ) are confused about their theft coverage than homeowners with standard homeowners insurance policies (40%).u003C/pu003Ennu003Cpu003EAs for personal items stolen from the inside your vehicle, the confusion grows. Most people (60% of respondents) mistakenly believe that u003Cspanu003Eu003Ca class=”ShortcodeLink–root ShortcodeLink–black” title=”Collision vs. Comprehensive auto insurance” href=” https: //www.valuepenguin.com/collision-comprehensive-car-insurance”u003Ecomprehensive car insuranceu003C/au003Eu003C/spanu003E will cover them in this situation. Those without home or tenant insurance are the most likely to have this misconception (75% of tenants without tenant insurance and 84% of landlords without home insurance).u003C/pu003En nu003Cpu003EIn reality, itu2019s your home or renters insurance policy that provides coverage for property stolen from your car. Yet only 31% of people understand this.u003C/pu003Ennu003Cpu003EMost people (69%) realize that comprehensive car insurance can protect them if their vehicle is stolen or damaged during of a burglary. . But nearly 25% of those with auto collision insurance mistakenly believe they are covered in these situations.u003C/pu003Ennu003Cpu003Eu003Cdiv class=”ShortcodeImageResponsive–root “u003E n u003Cfigure class=”ShortcodeImage–root”u003En u003Cpicture class=”ShortcodeImage–picture”u003En u003Csourcen media=”(max-width : 607.5px)”n data-srcset=”https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto, w_1600/v1 /theft-insurance-coverage-m_f1oj2c 1x, https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_2.0,f_auto,h_1600,q_auto ,w_1600/v1 /insurance-theft-coverage-m_f1oj2c 2x”n/u003En u003Cimg alt=”This is a car theft insurance chart” class=” lazyload” data-src=” https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_1600/v1 /insurance-theft-coverage_tu7hbt” src=”https://res.cloudinary.com/value-penguin/i mage/upload/c_limit,dpr_2.0,e_ blur:1000,f_auto,h_1600,q_1,w_1600/v1/insurance-theft-coverage_tu7hbt” data-srcset=”https://res. cloudinary.com/value-penguin/image/upload/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_1600/v1/insurance-theft-coverage_tu7hbt 1x, https://res.cloudinary .com/value-penguin/image/upload /c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_1600/v1/insurance-theft-coverage_tu7hbt 2x”u003En u003C/picture u003En u003C/figureu003En u003C/divu003Enu003C/pu003Ennu003Cpu003EThere are subtle differences in the lack of knowledge on this subject in based on a person’s income bracket. Below is a snapshot of the percentage of people who mistakenly believe collision auto insurance provides coverage for u003Cspanu003Eu003Ca class=”ShortcodeLink–root ShortcodeLink–black” title=”Que do if your car has been stolen” href=”https://www.valuepenguin.com/car-insurance/what-do-if-your-car-has-been-stolen” u003E car theftu003C /au003Eu003C/spanu003E or damage in break-in:u003C/pu003Ennu003Cpu003Eu003Cdiv class=”ShortcodeList–root “u003E nn u003Cdiv class=”ShortcodeList–content ShortcodeList–content-margin”u003En u003Cdiv class=”ShortcodeList–column”u003En u003Cul class= “ListUnordered– root ListUnordered–bullet”u003En u003Cli class=”ListUnordered–list-item”u003En Less than $35,000: 20%n u003C/li u003En u003Cli class= “ListUnordered–list-item”u003En $35,000 to $49,999: 22%n u003C/liu003En u003Cli class=”ListUnordered- -list-item”u003En $50,000 to 74 99 $9: 16%n u003C/liu003En u003Cli c lass=”ListUnordered–list-item”u003En $75,000 to $99,999: 9%n u003C /liu003En u003Cli class=”ListUnordered–list-item”u003E n $100,000 and over: 12%n u003C/liu003En u003C/ulu003E n u003C/divu003En u003C/divu003Enu003C/div u003Ennu003C/pu003Ennu003Ch3u003EMore than 1 person in 10 think home, renters insurance is a waste of moneyu003C/h3u003Ennu003Cpu003ELWhen asked if homeowners or renters insurance is worth it worth it, 87% agree it’s important. Yet that means a surprising 13% think the coverage isn’t worth the cost. home or tenant insurance is a waste of money. And it’s a belief also shared by 33% of owners without home insurance and 28% of renters without tenant insurance. feel on the subject. About 1 in 5 Gen Z (17%), more than any other generation, thinks buying home or renters insurance is not a good use of their money.u003C/pu003Ennu003Cp u003E u003Cdiv class=”ShortcodeImageResponsive–root”u003En u003Cfigure class=”ShortcodeImage–root”u003En u003Cpicture class=”ShortcodeImage–picture”u003En u003Csource n media=”(max width: 607.5px)”n data-srcset=”https://res.cloudinary.com/value-penguin/image/upload/ c_limit,dpr_1 .0,f_auto,h_1600,q_auto,w_1600/v1/home-insurance-generations-m_q0xqcq 1x, https://res.cloudinary.com/value-penguin/image/upload /c_limit, dpr_2.0,f_auto,h_1600,q_auto,w_1600/v1/home-insurance-generations-m_q0xqcq 2x”n/u003En u003Cimg alt=”This is a graph on what generations think of home insurance” class=”lazyload” data-src=”https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_1. 0,f_auto,h_1600, q_auto,w_1600/v1/home-insur ance-generations_zmvy0u” src=”https://res .cloudinary.com/value-penguin/image/upload/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_1600 /v1/home-insurance-generations_zmvy0u” data-srcset= “https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_1.0,f_auto, h_1600,q_auto,w_1600/v1/home-insurance-generations_zmvy0u 1x , https://res.cloudinary.com/value-penguin/image/upload/c_limit,dpr_2.0,f_auto,h_1600 ,q_auto,w_1600/v1/home-insurance-generations_zmvy0u 2x “u003En u003C/imageu003En u003C/figureu003Enu003C/divu003Enu003C /pu003Ennu003Cpu003E”,”padding”:”double”}


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