3 Common Myths about Renters Insurance

Anyone can rent a place to live anywhere in the world. Renting is a common option for most people at one time or another in their lives. It is more of a commitment-free way of living than owning a house. A person can decide to leave with little notice. However, with all that freedom there does come a responsibility. 


People have a responsibility to take out renters insurance to protect themselves from life’s unpredictable events. People will often have the choice not to choose renter’s insurance, but in some cases the landlord will require it. However, even if it’s not required, it provides valuable coverage that protects your belongings. But how much do you really know about this type of policy? 


Here are three common myths about renters insurance: 


1. I don’t really own anything of value, so why would I need renter’s insurance? If everything you own were to get destroyed, it would all have to be bought all over again. If a person is covered under renters insurance they can receive a payment for the things lost in the event—including clothing, kitchenware, furniture, artwork and more. Your independent insurance agent can help you determine how much coverage you need. 
 


2. My landlord has their own insurance, why do I need to be covered? The landlord’s insurance may not actually cover anything that the tenant could have caused, leaving them responsible for the loss. Also the landlord’s insurance may not cover anything the tenant owns. If the landlord has insurance, it is important to know where their coverage ends and the tenant’s coverage begins. 
 


3. Renter’s insurance is just contents insurance. There are several different policies a renter can purchase. Some of them may cover damage the renter caused to someone else’s apartment nearby. Some policies may also cover liability risks associated with visitors getting injured in the covered unit.  


With all the different policies and premium rates there are, there is really no reason any renter should not be covered. The last thing anyone wants is out of pocket expenses that could have been avoided had you purchased renters insurance. 


Get the coverage you need. Call Miller Insurance Agency at 409.899.9531 for more information on renters insurance.