Renters insurance is widely available, but renters often feel that they don’t need it. The reasons for this feeling vary, but this belief is often misguided. Let’s take a look at some of the most common renters insurance myths and the reasons they usually aren’t true.
1. My landlord’s insurance will cover me
This is highly unlikely. Your landlord’s insurance covers the building itself, but it won’t protect your personal property unless the damage is your landlord’s fault. For example, if you are robbed or there’s a fire, your property is your own responsibility. Having good tenant insurance is a great way to ensure that you won’t have to dig into your own pockets to replace your possessions if disaster strikes.
2. My property isn’t worth insuring
If you live in a rented home or apartment, renters insurance might feel like an unnecessary expense. You might think that you don’t own enough to be worth insuring. However, there’s a good chance that your property is worth more than you think. There are few things to consider:
Have you calculated the value of all the things you own?
Do you have a clear idea of how much you’ve spent on your stuff over time? There’s a good chance it’s tens of thousands of dollars.
Would you really have enough cash to replace all of it?
Renters insurance coverage makes it easier on your wallet if you ever need to replace it all.
3. It’s too expensive
Once you take the time to research rates, you’ll find that the average cost of renters insurance is less than $200 per year. Many of us spend much more on overpriced coffee shops. Considering how cheap renters insurance can be, it really just makes sense to have this coverage.
4. It only covers my own stuff
While renters insurance does cover your personal property, we’ve all heard horror stories of a flooded bathroom causing damage to a downstairs neighbor’s property. But, the good news is that you won’t have to worry about any of this with renters insurance because it includes a liability component, so you’ll be covered.
Renters insurance is a sure-fire way to protect your belongings and rent investment without draining your bank account. There really is no reason why you should forgo it, it’s not worth it!
Freeway Insurance can help you find the best renters policy for you fast and easy. Get a free quote online, over the phone, or visit one of our locations near you.