Renters Insurance 101 August 1, 2019 Renting a place to live means you likely don’t have to get insurance to cover the structure in which you live. Consequently, many people will overlook the benefits of getting insurance for their personal property. Read on to debunk common misconceptions about renters insurance. 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. Even if the appliances owned by the landlord cause damage to your personal property, they will not be responsible. An example of this is if your refrigerator broke down and caused all your food to spoil. It would not be on the landlord to replace that food under their policy. If you don’t have renters insurance, you may lose hundreds of dollars worth of food items. Myth #2: “It’s too expensive” Fact: Renters insurance is actually quite affordable and provides coverage for all of your personal belongings. An average policy can protect your personal property in the event of an accident for affordable yearly price. Plus, there are additional discounts and credits you could be eligible for, such as bundling policies with the same agency. Myth #3: “It 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. For example, if your bathroom floods and seeps to other tenants’ personal property, a renters policy can help cover that damage. 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.