Renters' insurance is one of those things that often gets overlooked or neglected by most people. It's easy to think that renters' insurance isn't necessary, but the truth is it can be a valuable asset if you ever need it.
Here are a few debunked myths to help clarify some common misconceptions about renters' insurance.
It's Too Expensive
Renters' insurance is actually quite affordable. Generally speaking, you can get coverage for just a few dollars per month. This premium can vary depending on the type of coverage you choose, as well as your location and other factors. And depending on the policy limits you choose, there are usually enough discounts available to make your premiums even lower than that.
Bottom line? Don't let the price tag prevent you from getting insured. The amount you'll lose if anything happens to your belongings far outweighs the small cost of having renters' insurance.
It Only Covers Theft and Fire Damage
While theft and fire damage are two of the most common situations covered by renters' insurance, there are many other types of losses included in most policies as well.
For example, many policies will provide coverage for water damage caused by burst pipes or overflows from nearby fixtures. This can come in handy if your apartment floods from a pipe burst and you need to replace the damaged furniture, carpets, or other items.
Renters' insurance also covers personal property damaged by vandalism or certain natural disasters. These policies provide a safety net if something unexpected happens and can protect you from having to cover the entire cost of repairs or replacements. So don't be fooled into thinking that renters' insurance only covers theft and fire damage — it's much more comprehensive than that.
You Don't Need It If You Live in an Apartment Building
This couldn't be further from the truth. Even if you live in an apartment building with secure entrances, modern security systems, and plenty of surveillance cameras installed throughout the property, renters' insurance is still important.
This coverage provides financial protection if something happens to your belongings inside your unit, even if the cause is something out of your control (like a fire in another unit).
And if you're renting a room or apartment in someone else's home, renters' insurance is even more important. Your landlord's homeowner's insurance likely won't cover your belongings in the event of a loss. Their policy only applies to the structure of the building — not personal property.
All in all, don't let these myths keep you from getting the protection you need with renters' insurance. With so many coverage options available at such reasonable prices, there's no reason not to invest in a policy today.Share
8 March 2023
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!