There are many benefits to renting a home. A renter doesn’t have to worry about property taxes and market declines, repair bills, or sometimes even mowing the yard. One thing that renters should worry about is whether or not their personal belongings are protected in the case of a fire, theft, or other incident. For many renters, misconceptions about Renters Insurance keep them from getting the coverage they need.
Here are some of the most common myths of Renters Insurance and the truth that all renters should know:
Myth 1: Renter’s Insurance is too expensive to be affordable.
The average cost of Rental Insurance is just $15.00 per month. This figure is little more than the cost of most video streaming services and less what than the average American spends on coffee each month. Plus, there are many options available for renters to elect the coverage they need and stay within their budget.
Myth 2: My landlord is responsible for everything that happens in the home.
Not quite. Your landlord is responsible for home maintenance and upkeep, but their home insurance policy only covers damages to the structure itself. Your personal belongings are your responsibility.
Even more, you are responsible for things that happen to other people in your home. Dog bites and slip-and-fall accidents are two common occurrences that you could be held liable for. With personal liability coverage starting at $300,000, a good Renters Insurance policy not only protects your belongings, but also protects you in claims like these.
Myth 3: Renters Insurance just isn’t worth it.
When you take the time to calculate the value of everything you own, you may be surprised by the total. Electronics, books, furniture, clothing, pots, pans, dishes, linens, jewelry, artwork, and books add up quickly when a claim is filed. Renters Insurance covers these items, and also covers the cost of temporary housing while you wait for your home to be repaired.
A home inventory can help you understand the value of your belongings and select the right insurance policy. This document records each of your belongings and their relative values. It also provides you with a ready-made list when you do need to file a claim.
When you know the truth about Rental Insurance, you know that renters can’t afford not to be covered. If you’re a renter who is uninsured, call your local agent and start a policy today.
Did you believe the myths about Renters Insurance? What surprised you most?