As a renter, you are the only one responsible protecting your property. If a disaster were to occur or someone burglarized you, you wouldn't be able to hold your landlord liable for anything. Additionally, the landlord's property insurance only protects the home and the property – not your belongings. If you want to protect your stuff (and it is wise to do so), you need to purchase renters insurance. Unfortunately, the myths surrounding renters insurance often lead to people never purchasing a policy.
You Don't Have Anything Worth Insuring
When you look around your home, nothing of "value" stands out at you. You don't have paintings worth thousands of dollars or very expensive electronics. You have what you need to live a comfortable, middle class life. The fact is, when you consider all of your belongings in your home — your furniture, your dishes, your clothing, etc. — it easily adds up to be thousands or tens of thousands of dollars.
Therefore, even though you may not have what you consider big, expensive items, all of your possessions added together would be quite costly to replace.
There is an additional benefit to having renters insurance: liability coverage. Liability coverage protects you if someone were to get hurt at your home. It will help you pay for any legal fees that you have to end up paying for the injured party's legal fees and medical expenses if you are found liable.
You Can't Afford It
Good insurance often gets a bad reputation for being too expensive. After all, anything worth having has to cost a lot of money, right? Luckily for you, this is not necessarily true. What you purchase and how much it costs will depend on the company, your property, and your location, but a basic policy averages about $12 a month for $100,000 liability coverage and $30,000 property coverage.
Is your quote still too much? Ask your provider if there are steps you can take to reduce the rate. For example, fire extinguishers, smoke detectors, and burglar alarms may help reduce your rate. Remember that a policy protects your property against theft, natural disasters, and fire, so the question really should be, can you afford not having coverage?
These simple myths can cause you not to get coverage and then you find yourself needing to replace your property or on the other end of a lawsuit because someone was injured at your home and you have no protection. Don't let this happen to you. Know the truth and purchase coverage. For more information, contact a company like Penney's Insurance Ltd.Share