Everything you need to know about insurance basics, like coverage types, limits, cost and more.
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!
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.
Related Topics: Renters