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Common Myths About Renters Insurance

Renters insurance helps protect your lifestyle by providing coverage for your home and personal possessions. There are a lot of misconceptions out there about renters insurance though, and for some its value isn’t always clear. Knowing what renters insurance is and what it covers is the first step to understanding why it’s so valuable — and we’re here to help!

What Is Renters Insurance?

Renters insurance covers your personal property if you rent a home, apartment or condo. It even protects you when you’re on the go! You’ll also get some protection for medical bills or lost wages if someone is injured in your home, and it can help cover additional living expenses if your home is uninhabitable due to a covered loss.

5 Renters Insurance Myths Debunked

Learn the truth about five common renters insurance myths — including renters insurance cost — and find out how a policy can help protect what matters most.

Myth 1: My landlord will replace my things if they’re stolen or damaged.

Truth: It’s likely that your landlord’s insurance only covers the building, not what’s inside. That means if something of yours is stolen or damaged, it’s your responsibility to have it replaced. That’s why having your own renters policy is so important. It gives you peace of mind that your things will be protected no matter what. Even better? Your renters insurance comes with you on the go. If your bike or wallet is stolen while your running an errand, it’s still covered by your policy.

Myth 2: Renters insurance is too expensive!

Truth: Renters insurance coverage isn’t as much as you’d think. Actually, most policies cost less than buying a specialty cup of coffee every week! Read more on the affordability of renters insurance. In fact, you may even qualify for a discount!

Myth 3: My stuff isn’t worth that much, so why get insurance?

Truth: Your things add up quickly! Think about it, if the unexpected were to happen, do you have the funds to replace everything you own? Renters insurance can help with that. Take the worry out of the unexpected.

Myth 4: My roommate has renters insurance, so I’m already covered.

Truth: Though you and your roommate might share milk and bananas, their policy typically only covers their things, not yours. Plus, having your own policy means getting customized protection that’s right for you! Get the 411 on roommates and renters insurance, and read up on why you should have renters insurance in college.

Myth 5: Renters insurance only covers my personal belongings.

Truth: Actually, a renters policy is so much more than that! Remember, renters insurance provides liability and medical coverage, property damage and loss of use protection too.

Liability and medical coverage. If an accident happens and you’re held responsible for damage to your apartment building or injuries to guests, liability coverage may help you pay for property damage, first aid, medical and court costs.

Loss of use protection. If your home becomes uninhabitable due to a covered loss like a storm, loss of use protection can help play reasonable expenses for a hotel room and food.

Through these additional coverages, renters insurance becomes a comprehensive policy that can help make sure you’re protected when the unexpected happens.

No matter what life throws your way, your renters policy will have your back. Connect with your American Family agent and find out how renters insurance can benefit you.

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Related Topics: Renters