Many people consider renter’s insurance optional. Actually it is just as important as car insurance and homeowner’s insurance. Its purpose is to protect you in case of an emergency, whether fire or theft, and also to protect you if someone is injured at your place of residence.
Here is a list of the four most common myths about renter’s insurance:
Myth # 1: I can’t afford it
Chances are you can get renter’s insurance for as little as $10 – $20 per month. As you raise the deductible on your insurance, the rates will generally decrease.
Myth # 2: My landlord has coverage
Typically, a landlord’s insurance covers only covers structural damage to the building itself , and will never cover your belongings. In some cases, if the tenant causes the damage, then the tenant could be liable for the damage and will have to pay for the repairs. If the buildings is burnt to the ground, the landlord’s coverage will not replace your belongings.
Myth # 3: I’m in a safe location with great security
Renters insurance covers much more than loss from theft. Chances are if your suitcase is stolen while you are tracveling, you will likely have replacement coverage. Renter’s insurance also has liability coverage in case someone gets injured at your place.
Myth # 4: I don’t really own anything worth much
It is surprising how the value of your belongings adds up quickly. Books, CD’s, electronics and clothing are expensive to replace.
If you’re renting for the first time, or have been renting for years without insurance, you should seriously consider purchasing a renter’s insurance policy. Call Insurance Doctor and we can find a policy that will cover your needs.