Chances are, you’ve heard a lot about renters insurance. With all that information flowing around, there’s bound to be some misunderstandings along with it. But what’s fact and what’s fiction? Here are three of the most common renters insurance myths debunked.
Myth 1: My landlord has insurance, so I don’t need it.
Your landlord does have insurance, but it’s designed to protect the building structures and common areas. What about all of your belongings inside your unit? If a disaster tears up your place, the damages are on you. Renters insurance makes it much easier to replace items after they’re damaged, stolen or destroyed.
Myth 2: Renters insurance only covers physical belongings.
Renters insurance is most commonly known for protecting your things, but it also offers liability coverage to protect you if guests are injured inside your rental unit. For instance, if someone trips over clutter and breaks an arm on the way down or if your dog bites someone, you could be liable for the medical expenses. A good renters insurance policy can help cover these costs.
Myth 3: I don’t own valuable things.
Even if you don’t own priceless artwork or an antique collection, you still own many things of value. If you add up the cost of your furniture, clothing, appliances, electronics and more, you’re likely to have a grand total of well over $10,000. In the event of a total loss, it would be hard for most people to replace these belongings. No matter the value of your stuff, renters insurance provides valuable coverage.