You might have been misinformed about renters insurance if you rent a house or an apartment. Learning the truth about how a renter’s insurance policy can help protect what matters most to you is very important. Here are some common myths about a renter’s home insurance.
Renter’s insurance is expensive
Renter’s insurance is very affordable. Unlike home insurance policies that cover structures and land, renter’s policies provide affordable coverage for tenants. If you bundle your renter’s policy with your auto policy, the cost may even be lower, using a multi-policy discount.
Renter’s insurance offers low coverage
Some people think renters insurance won’t provide adequate coverage when considering how affordable this policy is. Renter’s insurance policy will cover various items or incidents, including personal property, medical and liability costs, and temporary/additional living expenses.
My landlord’s insurance policy covers me
A landlord’s insurance policy is very different from a renter’s insurance. This policy does not cover you, and it only protects the building rather than the belongings inside. If your rental building catches fire, your landlord gets paid for the damages to the building under their policy, while your belongings need their own coverage.
I don’t need an insurance policy because the likelihood of experiencing a loss is low
Many people avoid getting insurance policies because they feel they have low chances of getting a loss. This belief also applies to renters insurance since many don’t anticipate getting hit by a storm, flood, or burglary. In today’s world, these things happen – therefore, you need renters insurance to protect your belongings in the case of the unexpected.