Renters Insurance 101 August 1, 2019 Renting a dwelling — whether it’s an apartment, townhouse, condo, duplex or mobile home — means you likely don’t have to get insurance to cover the structure in which you live. Consequently, many renters will overlook the benefits of getting insurance for their personal property. Read on as we debunk some common misconceptions about renters insurance and provide information on why it is more important than you think. Myth #1: “My landlord will cover my personal property damages/losses” Fact: While there may be some landlords who offer renters insurance to their tenants, it’s more likely that the landlord’s policy will only cover the structure itself and not anything inside. This means that even if there are appliances inside the structure that the landlord owns, they will not be responsible for damages inflicted on your personal property by those items. An example of this is if you had groceries in your refrigerator and it broke down, thus causing all your food to spoil. It would not be on the landlord to replace that food under their structure insurance policy and, if you don’t have renters insurance, you may lose hundreds of dollars worth of food items. Myth #2: “Renters insurance is too expensive” Fact: Renters insurance is actually quite affordable and provides coverage for all of your personal belongings. An average renters insurance policy can protect all of your personal property in the event of an accident, such as a fire, explosion or theft, for an affordable yearly price. Plus, there are additional discounts and credits you could be eligible for, such as bundling renters and auto with the same insurance agency. Myth #3: “Renters insurance only covers my personal belongings” Fact: Renters insurance can also cover any damage you might cause to other tenants’ property or possible medical accidents that happen in your rental. If your bathroom floods and water seeps downstairs to damage other tenants’ personal property, renters insurance can help cover that damage. Another example of this is if you own a dog and it happens to bite or injure someone – renters insurance can actually help cover some of the medical payments. You can visit our website to learn more about renters insurance options or, if you want to speak directly with an agent about the best coverage option for you, you can contact your local agent today.