Renters insurance is often overlooked, but the reasons why are usually because of misinformation. After all, renters insurance is one of the smartest things you can do as a renter in order to protect your property and your financial liability.
So here are the top renters insurance myths debunked, so that you can make an informed choice on whether or not renters insurance is right for you.
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Losing everything in a fire or burglary can make you realize just how important your belongings are, even if they’re not technically worth a significant amount individually. Plus, the cost of having to replace multiple belongings at once can quickly add up.
Not to mention, renters insurance is so much more than just coverage for your belongings. It also covers your personal liability should someone slip and fall inside your apartment or if your dog attacks someone. Renters insurance can help cover their medical bills and your legal costs if someone sues you. It also protects you if you’re deemed responsible for damage to a neighbor’s place, such as letting a faucet run too long and leak into their apartment.
Renters insurance even covers your belongings outside of the home. If you go on a trip and something gets stolen, it’s technically covered under your renters insurance.
No matter how much your individual belongings are worth, renters insurance covers so much more than just their value and it can give you peace of mind that’s priceless.
Many people incorrectly assume that their landlord’s insurance will cover them if something goes wrong. But landlord’s insurance is very different from renters insurance; it covers the landlord for the building itself, but not the contents or people within it.
Having renters insurance protects your belongings and your liability, so you’re not financially on the hook if something goes wrong.
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Renters insurance is actually one of the most affordable forms of insurance, especially given its significant coverage. Renters insurance is often just $15-20 per month, which means that for a couple of hundred dollars a year, all of your belongings are covered (within your policy limits), whether inside or outside of the house.
It also covers your personal liability, which can save you thousands of dollars should a situation go sideways.
Make sure to shop around for the best policy for you. You’ll want to assess your belongings to figure out the level of coverage you need and purchase additional coverage for any high-ticket items that exceed your policy limits, like expensive jewelry or electronics.
If you think your roommate’s renters insurance will cover your property, think again: submitting such a claim could constitute insurance fraud. Each roommate should have their own policy or they can split a policy as long as the insurance provider is aware. Keep in mind that splitting a policy can mean you need to split claims down the middle, so it’s often safer and more beneficial to each have a policy.
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With these renters insurance myths debunked, you should now have a clearer understanding of how renters insurance works and the value it can bring.
Renters insurance is a good idea, no matter how much your belongings are worth or how long you plan on staying in an apartment. It’s one of the more affordable forms of insurance, so you won’t have to break the bank to get coverage. Plus, with more and more landlords requiring proof of renters insurance these days, it’s a good idea to look into coverage before you have to.
At the end of the day, you and your property deserve to be protected, and renters insurance can do exactly that.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
