The Myths of Renters Insurance

Why you need renters insurance

With the cost of renters insurance being so inexpensive, and it being so easy to get by using online quotes, it floors me when I hear of people who lose everything during a fire, burglary, or natural disaster and don't have renters insurance. If you're renting an apartment, and don't have renters insurance, you're leaving yourself unprotected in the event something disastrous happens and destroys your possessions. Why is it then that so many renters fail to insure their property? They get caught in a trap that I like to call The Myths of Renters Insurance.

The Myths of Renters Insurance

Millions of renters don't have insurance protecting their possessions. With it being inexpensive and accessible why don't they? Because they let the following myths establish a false sense of security:

They think their stuff isn't worth much. Too many people make a quick decision on their properties value and don't give it the due diligence it deserves. While sitting at McDonald's throwing down that cheeseburger your property probably doesn't seem that valuable. Now flash forward six months and your now standing in the parking lot of your apartment complex watching the flames crawl into the sky as the heat from the fire in your apartment building warms your face. How valuable is your stuff now? Your property is probably more valuable than you think it is and the only way to determine that is by doing an honest assessment. Do you think it would be expensive to replace your entire wardrobe? I think so too.

Renters Insurance is too expensive. Did you even check? If you check you'd find that you could probably get it for less than the cost of three extra value meals at Mcdonalds. Per Month. That's right. Renters insurance isn't expensive but the price can vary depending on the insurer, deductibles, riders, coverage amount, and other options. Regardless, you can put together a nice renters insurance package for less than the price of a movie ticket, a large drink, and a large popcorn each month. Doesn't sound too expensive now does it?

My landlords insurance covers me. This is probably one of the biggest myths of all. Too many people get caught by this one and don't find out the truth until it's too late. Yes, your landlord has insurance. The lender for his buildings requires it. What they don't require is that he cover the contents of buildings. That responsibility falls upon the tenant. It's really sad how many renters fall prey to this simple technicality.

I live in a safe neighborhood. You willing to bet your brand new HDTV on that? Every neighborhood has crime. Some more than others. Even if you live in a great neighborhood with a low crime rate, how well do you know your neighbors? Everybody is susceptible to burglary.

Those are just four myths surrounding renters insurance. There are others. The lesson to learn here is to investigate your options and protect your valuables. Nobody else is going to do it for you.

Do you have a story about renters insurance or have a myth you'd like to expose? Leave a comment and let us know.