4 Myths About Renters Insurance

Much like home insurance, renters insurance protects your living space. You can liken renters insurance to a life raft. When you are on a boat, the life raft is there just in case you have an emergency. Renters insurance is there in case you need it for a covered loss.

Unfortunately, many people don’t have renters insurance. Research shows only a third of renters have this coverage. Many of these people who don’t have renters insurance have let myths cloud their view of this essential coverage. Let’s separate myths from facts.

Myth #1: You Have to Live in an Apartment to Have Renters Insurance

Renters insurance isn’t exclusive to individuals who live in apartments, condos or townhomes. If you rent a house, you are eligible for renters insurance as well. In fact, you should purchase renters insurance to ensure that your property is protected in the event of a loss; your landlord’s insurance won’t fully cover you.

Myth #2: Renters Insurance is Too Expensive

Many people think that renters insurance is expensive. The truth is, you can cover your property for a fraction of the cost it would take to replace your property if it’s stolen or damaged. The National Association of Insurance Commissioners estimates that the average monthly premium for renters insurance is about $15. If your home was burglarized, replacing your computer alone would cost more than the average annual renters insurance premium of $180. Imagine if you had to replace multiple computers, multiple high-definition TVs and a host of other items. How would you pay for it? Instead of replacing these items out of pocket, you can save more by purchasing renters insurance.

Myth #3: A Roommate’s Renters Insurance Covers You

If you have a roommate, then you likely share expenses. However, you shouldn’t share renters insurance coverage, as policies are designed to protect your specific belongings. Asking an insurer to reimburse you for a property under a roommate’s policy is technically considered fraud. You should protect yourself and your freedom by purchasing a policy for your property.

Myth #4: You Live in a Safe Neighborhood and Have No Need for It

Many people believe that living in a safe neighborhood allows them to skip purchasing renters insurance. Unfortunately, even safe neighborhoods experience crime at some point, so it’s best to protect yourself against this possibility. Plus, renters insurance covers far more than burglary — including fire and weather damage.

Knowledge is power when it comes to purchasing renters insurance. Don’t assume you know everything about coverage options. Call Cloverleaf Insurance at (800) 530-5822 to learn more about your options and to get a free renters insurance quote.