Renters insurance is something that all renters should consider. This insurance plan provides you with protection for your belongings, legal and medical expenses that can occur in your apartment or home.
Many renters have misconceptions about what renters insurance is and what it covers. We are going to debunk the top 4 myths about renters insurance to show you exactly what is covered and why you need it.
Myth #1: “I don’t have enough stuff for renters insurance”
We hear this saying more often than not when talking about renters insurance. Quantity of personal belongings do not play into your coverage. Many renters underestimate the value of their belongings and write off the possibility of renters insurance because of it.
Renters Insurance For the Average Renter
To put this in perspective, take inventory of every item in a single room. Let’s say you’re in the kitchen. You may think that the only items that would be deemed valuable are major appliances such as your refrigerator, oven, and more. This is not the case. You have cups, silverware, towels, microwaves, and more. All of these things add up and can hurt you financially if they were all taken away.
If your home or apartment experienced major damages due to a fire, and you did not have this coverage, you would have to rebuild your entire collection of belongings with no financial help. Renters insurance covers everything from clothes to laptops to couches and even appliances in the event of a fire, burglary, and other scenarios of this nature.
Myth 2: “My landlord covers the property damages”
This is true, but only to an extent. Your landlord may be responsible to maintain the property, but in the case of any major damage, your belongings will not be covered. Many landlords have coverage that only covers damages to the property itself – not anything inside of it. Without renters insurance, your personal property inside of the apartment will not be covered.
In the event that your landlord covers certain appliances in your home, it is important to understand that your personal belongings that come in contact with them are not covered. For example, Let’s say your landlord provides a refrigerator in your home. You fill it with hundreds of dollars of groceries, but in the middle of the night, it breaks down and spoils all of your food. Even though the refrigerator is covered by the landlord, your food is not. With renters insurance, it is.
Myth 3: “Renters insurance only covers my personal belongings”
Depending on your renters insurance policy, your plan will cover more than just your belongings. In some cases, your renters insurance can cover damages to property in and around your apartment. For example, if you were to leave the bathtub running and it flooded and seeped through to the next apartment, your policy may cover those expenses.
Myth 4: “Renters insurance is expensive”
Renters insurance is a very affordable policy that can help save you from hundreds, if not thousands of dollars in damaged or stolen property. Depending on your home, your local insurance agent will be able to help you find an affordable plan that covers you from the unexpected events of life. Policy premiums vary between individuals, home size, home location, and more.
We hope that by debunking the top 4 myths about renters insurance you have a better understanding of it and how it can help you save thousands of dollars. If you have any questions, don’t hesitate to reach out to a local representative or leave a comment below.