Are you renting your home? If so, you need renters insurance. Despite what some people may believe, renters insurance is not just for certain people. It’s vital protection for anyone who rents their home. Here are five myths about renters insurance and the truth behind them.
Myth #1: My Landlord Has Insurance
If you rent, your landlord is responsible for insuring the home’s structural elements only, not your personal belongings. That’s why it’s so important for renters to have their own insurance plan in place to protect themselves against everything from a stolen laptop to a fire or flood.
Myth #2: Renters’ Insurance Is Too Expensive
While renters insurance may seem like an added expense, it’s very affordable and worth the cost when you consider how much it will protect your belongings in case of a catastrophe. Check out our Renters Insurance Price Calculator to get an idea of the average cost.
Myth #3: I’m Single, So I Don’t Need It
Just because you live alone doesn’t mean you don’t need renters insurance. One big reason people give for not buying renters insurance is that they don’t have a lot of valuable possessions. While it may seem like you have less to protect, you never know when disaster will strike.
Myth #4: Renters Insurance Only Covers Theft
Many people think that’s all renters insurance covers, but it provides coverage for much more. For instance, if your apartment is damaged by a fire or is vandalized, renters insurance will cover damage to your personal property within the rental unit. It also gives you liability protection if someone gets injured on your property and sues you.
Myth #5: I’m Only Going to Be in This Place for a Year
It doesn’t matter how long you’re staying. Renters’ insurance is important. Several things could happen, including theft, fire damage, or something unexpected like a water pipe breaking. Renters’ insurance is always helpful, so you don’t have to worry about what could happen if disaster strikes.
Even if you’re only renting your home temporarily, it’s best to protect yourself through renters insurance. At W.B. Adams Company in Beaverton, OR, we’re here to help you choose the right renter’s insurance plan for your needs. Call us today for more information.