Do I Need Renters Insurance?

When renting, most people don’t believe they need to invest renters insurance either because it’s just another added cost or they think their landlord’s insurance will cover them. Unfortunately, that isn’t the case. We’re here to break down the most common myths of Renter’s Insurance and help you understand why you should invest.

Renters Insurance is too Expensive

This is probably the most common myth. Often times renters see renters insurance as another added cost they can’t fit into their budget. However, it tends to cost less than $20 dollars a month. If you have up your daily Starbucks a couple days a month or went out to eat one less lunch, you could easily pay for your renters insurance cost for the month. Most insurance companies will also offer a multi-policy discount making your monthly payment even cheaper. We still suggest shopping around because just as with homeowner’s insurance, you want to get a good price for your coverage.

My Landlord will Cover Property Damages

Not necessarily. Just because you’re renting their space, doesn’t mean your landlord’s policy will cover the cost of your belongings. Typically, their policy only covers the building itself if something happens. This means if your space floods or a fire breaks out, their insurance will cover the cost of the building, but you’re on your own for your belongings. As a result, you end up spending more money to replace clothes, furniture, electronics, even food. You could have prevented the mass cost of replacing all those items by investing less than $20 a month in renters insurance.

I Don’t Own a Lot

Often times, renters will underestimate the value of their items. If you were to sit down and write up a spreadsheet of what your belongings cost, you might be surprised. Your insurance covers everything from your clothes, food, furniture, electronics, expensive jewelry and more. You can pick your insurance plan if you want coverage on everything or specific items. Once your insurance is in place it will cover everything from theft, floods, natural disaster, and guest injuries.

What’s Covered?

Renters insurance covers more than just your personal belongings. Do you live above someone? What happens if your tub overflows and leaks through to your neighbor downstairs? Renters Insurance comes in handy because they help cover the cost up to your liability limit. If someone is injured in your space and has to go to the hospital, your insurance would not only help cover the cost of their medical expenses but legal ones as well if necessary. We suggest you sit down and make a list of all your items and estimate how much they cost. Everything from major appliances down to dishes further down to your toothbrush. You’ll be amazed at how quickly everything adds up and how much value you have in your home.

 

Ready to invest in protecting yourself? Call one of our agents and they will be more than happy to walk you through the process, and shop around to find the best price for you. Get covered before it’s too late.

 

 

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