Buying renters insurance for your belongings is always a good idea in case they get ruined or stolen. But certain false beliefs might be holding you back from making an informed decision.
Here are some of the most common misconceptions about renters insurance:
1. My Landlord Will Take Care of It
The owner of the property will only cover for the losses to the structure, not to your belongings. If the house is burned down, the owner’s insurance company would pay the expense to rebuild it. However, it will not be your landlord’s responsibility to reimburse you for any losses or damage to your possessions.
2. Renters Insurance Is Too Expensive
Unlike premiums of other types of insurance, renters insurance will cost you as little as $17 a month in California. A good renters insurance coverage includes personal property, additional living expenses, and even liability and medical costs. With so many benefits at a nominal fee, renters insurance coverage is well worth it.
3. My Stuff Isn’t Worth the Coverage
A common renters insurance misconception is thinking that your things are not worth insuring. Individually, they may not seem too expensive, but replacing all of them at once will cost you more than you think. For instance, you probably have enough income to replace your laptop if it’s stolen, but it might be difficult to pay out-of-pocket for your TV and furniture as well.
4. I’ll Take My Chances
You may think you will never face an emergency, but you don’t know when fires, floods, earthquakes, and other natural disasters can wreck your personal property. It’s not only your valuables at stake – the insurance can protect you from any liability lawsuits in case of accidents. Even if the chances of a catastrophe seem low, renters insurance prepares you for the worst.
These are a few misconceptions about renters insurance to watch out for. Make sure you understand the details of your renters contract to see what it will cover. For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.