As with any type of property insurance, a person might pay for renters insurance year after year and never need it. While some renters see it as a waste of money, those who end up needing it say they are grateful they had it.
When you are renting a house or an apartment, it is the owner’s responsibility to insure the property against disasters like fire, storm. However, the owner is not responsible for your belongings. There is actually a separate type of insurance for renters, called renters insurance. The problem is, most renters don’t buy renters insurance even though it’s typically very affordable, and it comes with a number of coverages. So what are the common misconceptions about renters insurance? Here are three.
1. I am just renting the house. My landlord is responsible for insuring the property
If the landlord has homeowners insurance, that protects only his property and belongings. If there is a fire or any other disaster (hurricanes are a threat in Florida), the landlord’s policy will not protect your possessions. This is why some landlords include a renters insurance policy in the deal when they rent their property.
2. I don’t have enough possessions to worry about insurance
Most renters don’t know for sure, how much their possessions are worth. When you don’t know the value of your possessions it is easy to dismiss renters insurance. According to a recent study, the average renter in a two bedroom apartment owns about $30,000 worth of possessions.
So, you do have a lot to lose if an unfortunate disaster strikes your rented home.
Sit down and make a list of all your possessions. Now calculate how much it will cost you to replace all of them. You might be surprised.
3. Renters insurance covers only the renters’ personal belongings
Yes, a renters’ policy covers your personal belongings. But it also provides liability protection. Consider that a friend is visiting your home. Unfortunately, he trips over a carpet and falls down the stairs. The accident leaves him with deep injuries. If you had a renters insurance policy, the policy may have paid for his treatment (if the cover was included). Some accidents inside your house can also damage your neighbor’s property, like flooding. Here too, your renters insurance policy will protect you from personal liability. A renters insurance policy can also cover you for living expenses in case fire or disaster strikes your rented home and you are forced out of the property for some time.
For sure, a renters insurance policy has many advantages and many renters have benefited from them in the past. To purchase a renters insurance policy in Palmetto, Florida, please contact Anderson & Associates today.
