There are many legally required types of insurance everyone has to carry. Because of this, most people will opt not to purchase optional policies.
Such is the case with renters insurance.
Is renters insurance something you really need, or is it just another way for the insurance companies to get your money?
Here are some fallacies about renters insurance, and the real story.
“I’m Covered By My Landlord’s Insurance”
This is a common misconception. The landlord’s insurance is there to protect the landlord, not you. It will not cover your personal effects and possessions, nor will it provide any relief for you if your rental home becomes damaged.
Furthermore, if you end up damaging the rental, it will still fall to the renter to pay for the repairs.
The only way that you and your possessions have coverage is with renters insurance. Most policies will also provide for the cost of a hotel room or another rental home in cases of emergency.
“It’s Far Too Expensive”
Believe it or not, renters insurance is one of the most affordable forms of coverage available today. The monthly premium for a policy covering both property damage and liability will cost somewhere between $10 and $25 a month.
The price will be determined by how much coverage you need, and your deductible, but the base costs of renters insurance are very affordable.
Make sure to stipulate if you have any valuables: renters insurance will cover your possessions, but high priced jewelry or collectibles might require additional coverage.
“I Don’t Own Enough Things Worth Insuring”
Are you sure about that?
Maybe your possessions are not antiques or family heirlooms, but they still have a monetary value. How much would it cost to buy a new bed, a new living room set, new pots and pans for the kitchen or clothes for the kids? These “little” things all add
up to big dollars, and that is what can make renters insurance so valuable.
“I’ll Be Fine”
If we could see accidents coming, they wouldn’t be accidents, would they?
Not counting the catastrophic accidents, smaller accidents like water leaks can cause a lot of property damage and cost a lot of money.
Good luck doesn’t last forever. Having renters insurance means you don’t need to worry about luck in the first place!
Have more questions? Call your insurance agent. Need a recommendation? Call Allison Ables and the team at Watson Realty Corp. at 352-371-1828