We all know that good insurance is essential to financial peace. A commonly overlooked form of insurance, is renters insurance. When the unexpected happens, renters insurance could be the only thing standing between you and major financial loss.
Below are some misconceptions about renters insurance, and why we think it is essential for all tenants to have.
Myth: I don’t have enough valuable personal items to warrant renters insurance.
Reality: You have more valuables than you realize. Think about everything you own, everything from your socks to your Flat Screen TV. Let’s start with electronics. TVs, laptops, and gaming systems are all expensive items that add up quickly. Consider your mattresses, your furniture, your home décor – the value of your personal property begins accumulating fast once you really consider everything. Under a renters insurance policy, your personal belongings are covered from a number of perils – including theft.
Myth: My landlord’s insurance will cover the damages to my belongings.
Reality: Nope. Typically, a landlord’s insurance policy only covers the physical structure—not anything that’s within your walls or another tenant’s. Some landlords offer their own Liability insurance for tenants, but Liability insurance doesn’t cover your personal property. It is important you review coverages carefully before purchasing a policy.
Myth: I don’t live in my own house, so I don’t need liability coverage.
Reality: Personal injury suits happen all the time. Imagine having a small party in your apartment, and one of your friends slips on a wet hardwood floor and slams their head into your granite countertop. Your liability insurance could cover most if not all their medical expenses, should your friend decide to sue you for personal injury.
Liability coverage gives you peace of mind to know that should someone get injured under your roof/on your property, you have a safety net available.
Myth: I can’t afford renters insurance.
Reality: Renters insurance can be incredibly affordable. Although pricing can always vary, some policies can cost as low as $50.00 for the year.
Don’t Wait to Secure Coverage
Give our team a call today to customize the right plan for you. Our experts are happy to discuss coverages and options that best suit your needs and properly protect your assets!
ACF Insurance Services