If you're thinking about skipping the renters insurance policy, we hope you'll review these top myths and think again.
1. Thinking your stuff isn’t worth insuring
- It will likely cost more to replace your things, no matter how cheap you think your items are.
2. Renters insurance is expensive
- In most states, a renter’s insurance policy costs less than $20 a month
- If you bundle your policy with your car insurance, you could get a discount
3. Renters insurance isn’t work it because it barely covers anything
- Because renter’s insurance is affordable, renters assume it doesn’t cover anything
- In reality, a good renters insurance policy covers a variety of items and/or incidents
- Although some exclusions will apply, coverage can include:
- Personal property (e.g., clothing, electronics, appliances)
- Liability and medical costs (if a guest falls in your apartment or your dog injures somebody, you could find yourself liable for their medical costs)
- Temporary/additional living expenses (if you can’t stay in your apartment because of a disaster, your renter’s insurance may reimburse you for a hotel until you find a new place to live)
4. I’m covered by my landlord’s insurance
- The insurance your landlord has is not the same as renter’s insurance. Property insurance protects the actual building from damages, not the stuff inside.
5. I’m covered under my roommate’s insurance
- If your roommate has a renter’s insurance policy, only their stuff is covered, not yours.
6. Nothing bad will happen, so I don’t need insurance
- Many renters believe they don’t need renter’s insurance because they believe the worst will never happen to them. But – these kinds of things happen more than you think. For example, the FBI reported an estimated 327,374 robberies nationwide in 2015, resulting in over$390 million in losses.
7. Renters insurance only protects my items inside my home
Start Your Quote
- Many renter’s insurance policies actually cover items if they’re stolen or damaged outside of your home. For example, if your car is broken into, and items you have insured are stolen, your policy will most likely cover the cost to replace them if your car insurance doesn’t.