3 Common Myths About Renter’s Insurance
You may wonder if renter’s insurance is really necessary for your current living status as a renter. Renter’s insurance is one insurance product that is commonly misunderstood. You may have heard common myths about renter’s insurance and are not confident about your knowledge of renter’s insurance. The following information from US News will help you move past the common myths about renter’s insurance and into a place of knowledge and confidence regarding your insurance needs.
I am insured under my landlord’s insurance.
You may see your landlord’s insurance as sort of an umbrella which will cover your losses during unfortunate accidents such as fire or burglary. However, this is not the purpose of your landlord’s insurance. Your landlord’s insurance usually covers the building only. Unless your landlord has set up a policy to include coverage of his/her renters, you will need to purchase your own renter’s insurance.
The cost of a renter’s insurance policy is too high.
Most renter’s insurance policies are much less than you would pay for car insurance. Your renter’s insurance policy could could range anywhere from $20 – $30 a month. You will have to check with an insurance provider such as Schumacher Insurance Agency in order to obtain an insurance quote that will fit your individualized needs.
I don’t need coverage for my possessions.
You may underestimate the value of the things you own. It is important to have renter’s insurance to help with what may seem like small or insignificant items. You may have to deal with a situation where many of your smaller items, like kitchen appliances, are damaged due to water issues or fire. Renter’s insurance will help you to replace those items according to the policy you have purchased.
Contact Schumacher Insurance Agency for more information about renter’s insurance.