Renters insurance is a policy agreement signed between a tenant living in a rented building, apartment, or flat, and the insurance company whose responsibility is to protect his/her personal belongings and provide liability coverage in case any accident or damage happens within their rented property.
Many renters undervalue or misconceive the coverage offered by renters insurance. This blog aims to clarify five of the most common myths surrounding renters insurance coverage, so that you can make informed decisions about protecting yourself as a tenant.
Myth #1: “My Landlord’s Home Insurance Covers Everything”
This is one of the most common and major misconceptions that hover around renters insurance. While your landlord likely has property insurance to cover the building itself, his/her policy does not extend to your belongings inside the unit. If any incident like a fire, theft, or water damage happens, it would be your renters insurance that offers coverage to your furniture, electronics, clothes, and more — not your landlord’s policy.
Myth #2: “I Don’t Own Anything Valuable, So I Don’t Need Renters Insurance”
You may not think that your possessions have great value, but when you think about replacing everything at once, from clothes to kitchenware to a laptop, it adds up quickly. In fact, renters insurance policies can very much help you to get reimbursement if any personal belongings of yours is stolen or damaged.
Thus, it can prove to be a real lifesaver in case something really unexpected happens within your rental property.
Myth #3: “Renters Insurance is Too Much Expensive”
It is not true! In reality, renters insurance coverage is relatively inexpensive. Most policies cost less per month than your daily habits. It is a wise and inexpensive investment, considering the financial cushion it potentially provides you under various situations of damage, loss, or liability claims.
Myth #4: “It Only Covers My Personal Belongings”
Don’t believe it! Many tenants don’t know that renters insurance carries with it liability coverage as well. In case of any injury to a third party in your rented property and subsequent litigation, your renters insurance may mitigate the financial claim for medical bills and any lawyer’s fees incurred. Some renters insurance policies also cover additional living expenses while your rental is uninhabitable due to a valid claim.
Myth #5: “All Renters Insurance Policies Are the Same”
False! It is important to note that not all policies are created equal. Coverage limits, deductibles, and specific inclusions or exclusions can vary according to the situation. It is paramount, therefore, to compare renters insurance coverages and speak with a professional who can help you to find a policy that matches your lifestyle and needs.
Conclusion: Let Our Experts at Whitman Insurance Agency Help You!
We hope that all misconceptions regarding renters insurance are now clear. Therefore, stop guessing and start protecting your rented property today by getting help from our professional team of insurance experts at Whitman Insurance Agency. Dial at (830-693-2900) or email us at whitman@whitmaninsurance.com to secure your investment and peace of mind!
