5 Renters Insurance Policy Myths That Don't Hold Water
The U.S. Department of Justice reports that a rented property is 79 percent more likely to be burglarized than an owned property. So why do only 43 percent of renters invest in a renters insurance policy?
Because many renters have impressions about renters insurance that aren't necessarily based in fact. Here are 5 of the most common renters insurance policy myths and why they don't hold up to scrutiny:
- "I can't afford a renters insurance policy."
The reality is that renters insurance is one of the most affordable forms of insurance on the market. The average cost of renters insurance is about $12 per month for $30,000 of property coverage and $100,000 of liability coverage according to the Independent Insurance Agents & Brokers of America.
- "My stuff isn’t worth very much, so I don’t need a renters insurance policy.”
You might think you don’t need a renters insurance policy because your belongings aren’t worth much, but think again. Do you have any idea how much it would cost to replace your clothes, electronics, furniture, small appliances, dishes, silverware and more? Tens of thousands of dollars at a minimum...and most renters don't have that kind of cash on hand.
- “I’m covered under my landlord’s insurance.”
Typically, a landlord’s insurance policy only covers the building, not the tenant’s personal items or liability. For example, if a burglar steals your television and you’re uninsured, it’s your loss. If the mailman slips in the driveway or your dog bites a neighbor, you could be financially responsible. Your landlord won't be any help.
- “Renters insurance only covers my stuff.”
Many people think a renters insurance policy only insures personal possessions, but most standard renters insurance policies also have liability coverage. For example, if a guest slips and falls in your home, your liability coverage will help cover medical bills and legal defense fees. Some policies extend liability insurance beyond your property, but check with your renters insurance agent for details.
- “It takes too long to shop for a renters insurance policy.”
If you dread the idea of shopping for insurance, you’re in luck: renters insurance is one of the easiest, most hassle-free insurance policies you’ll ever find. At Executive Insurance Agency, shopping and comparing renter's Insurance request only takes a few minutes.