Many renters don’t realize the importance of having renter’s insurance. Often this happens not because they choose to ignore the benefits, but because they are misinformed with regards to the possibilities. We’ve collected a few tips to help you avoid some common misconceptions about renter’s insurance.
Myth #1. “I’m living in a rental property so I am covered by the landlord’s insurance policy.” This is one of the most common misconceptions flying around the renters’ world. As a matter of fact, renters need to acknowledge that in the event of a fire or theft for example, the building owner’s insurance doesn’t cover the replacement of the contents of an apartment. Generally, the owner’s or landlord’s insurance policy only covers the structure itself and the common grounds, leaving the renters’ personal possessions at risk should disaster strike.
Myth #2. “I don’t own many valuable things”. Renters insurance is not limited to expensive belongings. It covers everything from clothing and furniture to electronics and appliances. Just think, what if you came back from work one day and your brand new 3D TV were gone? Would it be so easy to replace it immediately, out of pocket? Well, for less than the cost of a dinner out, tenants can have peace of mind knowing that they are protected in case of fire, robbery, vandalism, or other such misfortunes.
When deciding the amount of coverage you need, you have to look at what you have versus what it would cost to get a new one. To have a better idea about coverage and actual costs associated with renter’s insurance, take a look at Resident Shield’s Contents Calculator and get your free online renters insurance quote here
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Myth #3. “Rental insurance is limited to personal possessions”. On the contrary, renter’s insurance comes in most handy when faced with liability claims. You may receive up to $100,000 of coverage against common personal liability claims such as slip-and-fall injuries. If a house guest or neighbor, for example, gets injured while at your residence, your renters insurance policy will take care of the medical expenses resulted from the accident. Additionally, if you’re a dog owner, you can select a liability provision for dog bites, up to a maximum limit of $25,000.
Moreover, should you be forced to move out of your rented residence, even temporarily as the result of a covered loss, you will be reimbursed for your additional living expenses.
