Many of our clients have impressions about renters insurance that may not be based on fact. “It’s too expensive.” “I don’t have anything worth insuring.” “I rent my apartment, doesn’t my landlord’s policy protect my belongings?” The reality is all of these questions can be answered simply and in fact many of them don’t hold up to scrutiny.
Here are the 5 most common renter’s insurance policy myths.
1 I can’t afford a renter insurance policy.
Renters insurance is one of the most affordable forms of insurance on the market. The average cost of renter’s insurance is about $12 per month for $30,000 of property coverage and $100,000 of liability coverage.
2 My stuff isn’t worth very much, so I don’t need a renter’s insurance policy.
You might think you don’t need a renter’s insurance policy because your belongings aren’t worth much, but think again. Do you have any idea how much it would cost to replace your clothes, electronics, furniture, small appliances, dishes, silverware and more? Tens of thousands of dollars at a minimum…and most renters don’t have that kind of cash on hand.
3 I’m covered under my landlord’s insurance.
Typically, a landlord’s insurance policy only covers the building, not the tenant’s personal items or liability. If a burglar steals your television and you’re uninsured, it’s your loss. If the mailman slips in the driveway or your dog bites a neighbor, you could be financially responsible. Your landlord won’t be any help.
4 Renter’s insurance only covers my stuff.
Many people think a renter’s insurance policy only insures personal possessions, but most standard renters insurance policies also have liability coverage. If a guest slips and falls in your home, your liability coverage will help cover medical bills and legal defense fees. Some policies extend liability insurance beyond your property. I will be able to check the policies for you.
5 It takes too long to shop for renter’s insurance policy.
If you dread shopping for insurance, you’re in luck: renter’s insurance is one of the easiest, most hassle-free insurance policies you’ll every find. Let’s us send you a quote today.