Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord's coverage would include repairs to the building, but not reimburse you for your possessions. This is just one of the many common myths that surround renters insurance. Here are a few more.
Myth: I don’t have enough valuable personal items to warrant renters insurance.
Reality: Items add up fast! Your electronics, appliances and clothes are all large expenses that can be protected under your policy.
Myth: My personal belongings are the only things covered under renters insurance.
Reality: Renters insurance can also cover damage to someone else’s property within your home. And, depending on the limits of your personal liability coverage, it can help cover some or all of the medical expenses if someone happens to get injured on your property.
Myth: I can’t afford renters insurance.
Reality: Renters insurance can be incredibly affordable. Although pricing can always vary, some policies can cost less than $25 each month. When it comes to protecting your belongings and yourself, can you put a price on that?
Don’t Wait to Secure Coverage
What are personal belongings worth? Conducting an inventory is an eye-opening experience since the value of your belongings can really add up. Without coverage, replacing these items could be a real financial hardship. With renters insurance, you are covered.
Also Read: Does the Cost of Renters Insurance Go Up After a Claim?
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