Did you know that almost two-thirds of residential lessees in the United States don’t carry renters insurance according to the Independent Insurance Adjusters & Brokers of America (IIABA)? A renters policy is more important, accessible, and affordable than you might think. But renters are often unclear about what renters insurance is and what it covers.
Here are the top 5 myths—and the facts—about renters insurance:
- The landlord’s insurance covers your possessions. Don’t count on it. Most landlords’ insurance covers only the building and damages due to negligence. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism, and fire, is entirely up to you. Without renters insurance, you may have to bear the financial burden of a loss on your own.
- Renters insurance is expensive. In this case, the numbers speak for themselves. According to the IIABA, the average renters policy costs just $12 a month for up to $30,000 in personal property coverage. That’s solid coverage for less than the cost of a couple of cups of coffee a week.
- You don’t need insurance if your stuff isn’t expensive. Most renters’ belongings cost more than they think. In fact, the average person has over $20,000 worth of belongings that are probably not covered by a landlord’s policy.
- Renters insurance covers only your possessions. In fact, renters insurance covers much more than just your personal property: The average policy also includes up to $100,000 in liability coverage. That means in the event of a covered loss your insurer will help cover the costs if you’re held responsible for injuring another person or damaging another person’s property, including your landlord’s. Moreover, this coverage applies whether the incident occurred within your residence or elsewhere.
- Renters insurance is hard to get. You can place a quick call with our agency. Answer a few questions and we’ll get you an instant rate quote.