With over a few million burglaries per year in America, it’s wise for renters to protect their belongings with renters insurance. Many renters assume if you live in an apartment, the property managers or owners take care of everything. That’s just one of several common renters insurance myths, along with the following.
Myth #1: It’s too expensive
Perhaps the biggest of renters insurance myths is that it’s too expensive. So many renters assume it’s a wasteful investment then regret not getting the right insurance once their belongings are stolen. Renters insurance is actually very affordable, often ranging from $150-300 per year. Meanwhile, the average cost of homeowners insurance is more than double that amount.
Myth #2: My landlord’s got it covered
Instead of assuming the landlord’s insurance covers all your belongings, it’s best to ask what type of coverage they carry. Typically, a landlord only covers the structures on their properties, not the contents of the tenants. So if your apartment gets robbed, your landlord likely won’t cover the stolen goods. You need renters insurance to get payouts when a disaster damages your valuables.
Myth #3: I’ll just use my roommate’s insurance
Even if your roommate carries renters insurance, it probably doesn’t cover your belongings. There may be certain policies that extend coverage to roommates, but it’s pretty rare. If your roommate breaks one of your treasured possessions, there might be cover to pay for it under the liability portion of renters insurance. It’s best to carry your own insurance to be sure.
Myth #4: I don’t own anything valuable
It’s common for people who rent to not be big spenders. Many renters have trouble keeping up with the cost of living and assume they don’t have anything new or valuable worth stealing. However, burglars like stealing used items. They can easily flip to others. Electronic gadgets are common targets, especially for those seeking to steal personal information.
Myth #5: Natural disasters don’t happen near me
Just because you live in a region that doesn’t have a history of major natural disasters doesn’t mean it could never happen. Fire can spread anywhere and may occur for unknown reasons. In recent years it’s been clear that cities around the world face climate change. That means unpredictable disasters can happen when people least expect them.
It’s best to make sure you are prepared to handle a disaster. It’s much easier to return to normal when you have the right insurance in place to pay for damages. Without renters insurance, it can take you a while to pay for replacing items one at a time.
Myth #6: Too tricky and complex
Many people assume that insurance is just a tricky way to extract money out of people. Those who never file claims may view insurance as money down the drain. They may also think of it as just a lot of fine print or legal mumbo jumbo. The fact is renters insurance is a useful way to protect your assets.
These common renters insurance myths should give you a clear idea of why you can’t trust hearsay. When it comes to renting a place, you can’t just assume your friendly landlord is looking after you. Getting renters insurance at Kneller Insurance Agency will help you sleep better at night. For more information about getting the coverage you need, contact us today.
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