Top Myths About Renters Insurance: Debunking the Fake Information
What if a simple misunderstanding ended up costing you way too much time and money?
Unfortunately, this happens every day to renters who do not have reliable renters insurance. This is the kind of coverage designed to help protect your belongings and generally provide peace of mind. However, many of those who need this protection the most do not get it because they do not fully understand how it works.
They are, simply put, held back by persistent renters insurance myths. Want to get the truth behind these myths and discover whether this policy is right for you and your current lifestyle? Keep reading to discover everything you need to know about renters policies.
Unlocking the Truth Behind Renters Insurance
Renters insurance does not work exactly like homeowners coverage, which is primarily designed to protect the house itself. In this case, the landlord owns the house and the renter primarily needs to worry about their own property. Accordingly, a rental policy is designed to help you repair or replace your belongings as needed.
These policies offer other protections as well, including liability coverage that can financially protect you from lawsuits and living expenses coverage that can help you move your family to a temporary home (such as a hotel) if your rented home becomes unlivable. However, the average renter does not really know the fine print of what is and is not covered, and even many who have such policies can be confused by persistent myths.
What are those myths, and what is the truth behind them? Below, you will find the answers you need.
Myth #1: Landlords’ Insurance Covers Renters’ Possessions
All landlords protect their properties with special coverage. The most common reason renters do not buy any coverage is they think their personal property will be protected by that same landlord policy.
Sadly, the landlord’s policy protects the building itself. Unless a renter has their own coverage, their personal possessions will not be covered in the event of theft or catastrophe.
Myth #2: Renters Insurance Is Required by Law
Is renters insurance required by law? This is a very common question, and the simple answer is “no.” There is no state or federal law that can compel you to buy this coverage, regardless of where you live.
With that being said, you may have noticed some rental listings mention this coverage is required. That is because the landlord, rather than the state or federal government, requires it. Can a landlord require renters insurance? The answer to that is “yes,” which is why it is always important to check if rental insurance is required for tenants.
Myth #3: Renters Insurance Is Only For Theft
Perhaps the most common use of rental coverage is to replace stolen items. This has led to the persistent myth that this kind of policy only protects you from theft and nothing else.
The good news is that these policies protect against other scenarios. For example, if your home burns down or otherwise becomes unlivable, this coverage would pay for the living expenses while you and your family move somewhere else.
Additionally, renters insurance provides liability protection that can cover legal fees if someone gets injured at your home (for example, they get bitten by your dog) and goes on to sue you. Remember, even successfully defending yourself in court will require out-of-pocket expenses that most families simply cannot afford.
Myth #4: Renters Insurance Is Unnecessary in a Safe Area
For all its protections, this type of policy is still mostly used in the event of theft. Because of this, many believe they will not need it if they live in a relatively safe area. Unfortunately, that is not always the case. Studies have shown that many burglars live relatively close to their victims.
That means most thieves are not outsiders coming from far away to break into your house. Instead, they may already be your neighbors and are simply waiting for the right time to strike. However, having a policy can protect your most important belongings.
Myth #5: Renters Insurance Is Too Expensive
Is coverage for rental properties costly? This is a very common question because nobody wants to pay another expensive premium each month. Rental coverage, however, usually costs somewhere between $15 to $20 a month, depending on how much renters protection you need.
That is arguably not so bad, especially considering the alternative could be losing hundreds or even thousands of dollars. You can never put a price on the peace of mind this policy provides.
Myth #6: Getting Renters Insurance Is Complicated
This guide has answered some common questions, like “Is renters insurance required by law?” and “Is renters insurance expensive?” However, there is one more question that needs to be answered: Is getting this coverage overly complicated?
As long as you have the right carrier, getting this coverage is easy, convenient, and affordable. And if you are unhappy with your current carrier, switching now is the best way to give yourself the affordable renters insurance and overall convenience you deserve.
Do Not Lose Out Because of Bad Information — Get Covered With Renters Insurance Today
Now you know the truth behind renters insurance myths, including what this policy does and does not cover and how much a policy should cost. But do you know where to get the absolute best coverage at the most affordable prices?
At InsureOne, we specialize in protecting your rented home, your car, and so much more. Ready to stop compromising and discover a carrier who will always have your back? If so, it is time to get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you.