Saving money is a priority for many people. Though, cutting costs on things like renters insurance can end up costing you more than you think you’ll save.
Here are 4 common myths about renters insurance and why you should not compromise on it!
My Belongings Don’t Need to be Insured
A common reason renters feel like they don’t need renters insurance is that they feel as if their belongings aren’t worth covering.
The truth is, your belongings are worth something to you, regardless of how much you paid for them. Replacing your belongings due to flooding, fire, or burglary can be a costly venture.
Renters insurance can also help you cover your neighbor’s belongings in the case of something happening you would be liable for. For example, if there is a leak in your apartment that spreads to your neighbor and affects their belongings, renters insurance can cover that cost. (Up to your liability limits)
My Landlord’s Insurance Should Cover Damages
Some landlords will offer renters insurance to tenants through a partnership with an insurance company. Though, most insurance policies landlord’s hold does not include renters insurance for tenants.
Landlord’s insurance policies typically cover only their properties. These rental housing policies only cover the structure and nothing inside.
Even if the landlord owns any of the furniture or appliances within your rental unit, the landlord isn’t responsible for any damages done to them. Renters insurance would cover any damage within the unit.
Renters Insurance Doesn’t Cover Enough
A good renter’s insurance policy offers quite a bit of coverage for a variety of items or incidents.
Renters insurance can include coverage for personal property such as furniture, clothing, electronics, or appliances. Liability and medical costs, if someone is injured on your property. Temporary/additional living expenses, if your unit becomes uninhabitable.
Of course, realize that renters insurance will hold some exclusions. It is important to talk to an insurance agent to go over any exclusions that you need to be aware of.
My Roommate Has Renters Insurance, so I’m Covered Too
Even if you have 10 roommates all with renters insurance, your belongings still won’t be covered unless you have coverage as well.
Renters insurance covers personal belongings, so your roommate’s insurance will not cover your belongings. If you want to split coverage and share the cost of deductibles, you can discuss that with your roommate to see if that is something worthwhile doing.
Payne Insurance Group
If you’re interested in renters insurance, consider Payne Insurance Group!
Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all your automotive needs.
