4 Myths you may Still Believe about Renter’s Insurance
How much is renter’s insurance worth to you? That can be a difficult question to answer for someone who isn’t familiar with renter’s insurance, and since there are so many misconceptions out there, renter’s insurance has gained a strange reputation. But did you know that a renter’s insurance policy can protect your personal belongings, even if they’re not in your home? Did you know that a renter’s insurance policy could cost you less than a monthly pizza delivery? Here’s everything you need to know to get a clear picture of how a good renter’s insurance policy could be saving you money.
Myth #1: “Only people with a lot of belongings need coverage.”
Every rental property is susceptible to the same dangers. Fire, theft, and water damage can create serious unexpected expenses, and even if you don’t have many physical belongings to lose, it’s important to consider the sentimental and monetary value of your belongings. Take inventory – you might be surprised by how much you have to lose. Don’t forget about household appliances and electronic devices like tablets, phones, and computers.
Curious how much you could be saving? We offer free renter’s insurance quotes – just give us a call or click today!
Myth #2: “My landlord is responsible for damages, right?”
Your landlord is the legal owner of the building you’re renting out, but he’s not legally responsible for any of your belongings. Typically, the insurance policy your landlord holds only protects the building itself, and if your landlord provides household appliances, they may not be responsible for damages caused by these appliances. If your apartment has a leaky pipe and all of your belongings are soaked, you’ll be happy you purchased renter’s insurance.
Myth #3: “Only my belongings are covered.”
Let’s go back to that hypothetic flooding scenario, but this time, let’s pretend that the flood was caused, instead, by an overflowing bathtub you accidentally left running. You already know your own belongings are covered thanks to your renter’s insurance, but all of that water has to go somewhere, and if you’re on the second floor, your downstairs neighbor might have some expenses to take care of too. Luckily, renter’s insurance covers damages like this up to your liability limit – otherwise, you’d be responsible for any water damages you caused to another tenant’s apartment. Renter’s insurance also covers medical and legal expenses associated with your apartment, so if a friend trips and needs a trip to the hospital, you won’t have to pay for their expenses out-of-pocket.
Myth #4: “I can’t afford renter’s insurance.”
Car insurance can cost hundreds of dollars per month, and if you assumed the same about renter’s insurance, you wouldn’t be the first. Luckily, this is a misconception – renter’s insurance is typically only a fraction of the cost of a car insurance policy, and can provide many of the same protections and benefits. Adding renter’s insurance to an existing insurance package can save you even more money, but if you’re interested in paying less for a great renter’s insurance policy, you’re in luck.
At Cost-U-Less Direct, you’ll find great cheap renter’s insurance coverage alongside budget-friendly motorcycle insurance, auto insurance, and more. Call or click today for great service and low prices!