3 Common Myths About Renters Insurance By First Time Renters?

If you are a first-time renter, you have a lot to think about and plan for — including furniture, utilities and renters insurance. As a renter, you don’t own the building you live in, but are responsible for your possessions and you do face a level of liability for when others visit your home. These factors require you to have an adequate level of renters insurance in place. That is a fact. Nevertheless, there are numerous common myths that first-time renters often believe about their need for coverage. Let’s debunk those, one by one. 

1. You Don’t Own Enough to Necessitate Coverage 

Many people elect not to buy renters insurance because they believe they do not own enough to warrant it. That is rarely the case. No matter where you live or what type of possessions you own, you are at risk for fires, theft and even vandalism. You need to have some type of financial protection in place to minimize that risk. Would you suffer if you lost everything you own in a fire, for example? 

2. Renters Insurance is Only for Possessions 

Some people overlook the value of renters insurance because they see it as just a solution for protecting possessions. However, your policy also provides liability protection. Why is this important? Let’s say your child invites a friend over and that friend falls, hitting his head. The resulting medical bills could be high and you may be responsible for paying them. Having liability insurance can help with this financial responsibility. 

This is simply not true. In fact, renters insurance could cost about as much as your Netflix subscription, depending on your particular situation. You can lower your costs even more by investing in a bundled policy that includes your car insurance. You may pay very little month to month for this coverage, and gain a great deal of peace of mind. 

The most common myth that people have about renters insurance is that they don’t need it. Yet, a single incident in your apartment complex – even one that you do not cause – can lead to significant financial loss for your family, including the loss of your possessions. Renters insurance can minimize these risks and give you financial security.