While almost all home- or condo- owners purchase home or condo insurance, many renters question whether or not they need a renters insurance policy. There are a lot of myths and misconceptions out there about renters insurance, and we’d like to clear them up now:
“I don’t have a lot of belongings.”
Think about it this way… if you were to suffer a loss and had to replace everything, think your furniture, your clothing, your electronics, etc., would you be able to replace it all out-of-pocket? Even if you could, would you want to?
“My landlord’s insurance will cover me.”
This is a common misconception. The landlord’s insurance policy will cover the structure of your apartment and anything built into the apartment. However, your belongings would not be covered. Additionally, if you are found liable for an accident resulting in a lawsuit or medical payments occurred on your property, your landlord may not be the one who needs to pay. It could be you!
“I don’t need liability insurance.”
If an accident or damage did occur and you were found liable, would you want to risk all of your current assets, as well as possible future assets because you didn’t have insurance?
“It’s too expensive.”
In reality, you may only have to pay $10-$20 per month for coverage. $10-$20 a month is a small price to pay for protection in the following areas:
Personal Belongings Coverage: Renters insurance coverage will protect your belongings from loss, damage or theft, whether they’re inside your home or with you at work/school/etc. You can choose a limit based on the value of your property. If you suffer a covered loss, you’ll pay your deductible and your insurance company will cover the rest.
Liability Coverage: If an accident or property damage occurred and you were found liable, your renters insurance policy would cover legal fees, medical bills, etc.
Loss of Use Coverage: If damage to your apartment left it inhabitable, your renters insurance would cover your temporary living expenses.
InsuraMatch agents spend each and every day helping consumers with their individual needs, and they are trained in every aspect of renters insurance. Our pros can help you understand and choose a coverage that fits your unique situation; they are independent agents which means they will offer alternatives plus have the expertise to know where you can get the best value. Call for your free coverage evaluation at 844-232-2700 or schedule a call at your convenience.