Some of you are blessed to be proud homeowners. Then there are others who for any number of reasons prefer or find themselves renting instead. No matter your housing preference, having the right insurance matters. Homeowners insurance is to homeowner, as renters insurance is to renter. But Houston, we have a problem. According to the Insurance Information Institute, 97% of homeowners carry homeowners insurance, but only 37% of renters purchase renters insurance. So what gives? False mythology is what. We’re going to tackle 4 outrageous perceptions about renters insurance.
First of all, what in the world is renters insurance and what does it cover? Renters insurance policies are designed to reimburse policyholders for damages (fire, theft, vandalism, etc.) caused by most common threats to tenants (insurance.com). Now that we’ve got some knowledge, let’s tease apart some myths.
You Are Covered by The Landlord
You would be “incorrect.” The landlord’s policy only covers the building itself and liability for if someone is injured on the property outside of the rental unit.
Renters Insurance is Expensive
Renters insurance is relatively inexpensive. The average cost is $16-$17 per month (insurance.com, valuepenguin.com).
Purchasing Renters Insurance is Difficult
Totally false. Any company that sells homeowners insurance usually offers renters insurance as well. Find a solid independent insurance agent whom you trust to get a quote in minutes.
Item Replacement Costs Don’t Matter That Much
Most rentals are not furnished. If you were to add up the total value of all your personal items (furniture, technology, appliances, clothing, etc.), it would come out to more than what you think. Renters insurance helps replace your items in the event of a perilous disaster.
Soldiers, we debunked 4 common myths about renters insurance. It’s now time to put knowledge into action. What’s preventing you from getting renters insurance? If you don’t have it, go get it….now!
*For a more detailed guide to renters insurance, visit insurance.com.*
*Jericho Force Enterprises is not a licensed insurance broker. Please seek the services of a licensed agent for recommendations on getting proper renters insurance coverage amounts.*