The Most Common Myths About Renters Insurance Debunked 

Whether you are excitedly moving into your very first rental space or you are an old hand at scoping out the best rental units in town, protecting your belongings should be your first thought. Some common myths for not getting this cheap and valuable insurance include: 

“I don’t need renters insurance.” 

“Coverage costs too much.” 

“My landlord already has insurance.” 

These are just a few of the many renters insurance myths that might be keeping you from obtaining this valuable and highly affordable source of financial protection. We’ll help you break it down and discover the real story behind the common renters insurance misconceptions. 

The Truth Behind the Myths (and Why You Need Renters Insurance) 

Take a closer look at some of the most common renters insurance misconceptions and the facts that challenge the fables. And see what renters insurance covers and why it is important. 

“I Don’t Need It — My Landlord’s Coverage Is Enough” 

That way of thinking can result in an unwanted surprise if your apartment building catches fire or your duplex suffers severe tornado damage. Yes, your property owner is probably covered, but only for the physical structure of the building — not for your possessions in it. 

If a burglary or cataclysmic event wipes out your furniture, furnishings, electronics, wardrobe, and the kids’ toys, that’s on you — unless you have this renters insurance to reimburse you for your losses. Consider for a minute how much all of that would cost to replace if you had to do it out of pocket. 

“It’s Too Expensive” 

It’s actually quite affordable. You might pay just $15 or $20 a month, though the actual cost can vary depending on your location, claims history, and several other factors. 

In addition to the low cost, there are several strategies you can use to further minimize what you pay. First, take a careful audit of your possessions so you can keep your coverage limit as low as possible. Why pay for $50,000 in protection if your possessions are only worth $25,000? 

You might also adjust your deductible. That’s the amount you agree to assume before your insurer pays the rest of a covered claim. For instance, if you have a $500 deductible on a $2,000 claim, your insurer will pay $1,500. But if you raise your deductible level, perhaps to $1,000, you’ll pay less in premiums because your insurer will be responsible for less on claims. 

Let your insurance agent help you crunch the numbers and find the right balance of deductible, claims limit, and payment levels that are right for your pocketbook. 

“Renters Insurance Only Covers My Stuff, Not My Liability” 

That myth is just plain wrong. You’ll get liability benefits with a standard policy. Start with a definition of the term. 

Through liability coverage, insurers offer financial protection against costs associated with actions for which you are held legally responsible. Here’s an example: You’re hosting a big party and one of your kids leaves a skateboard on the stairs. A guest falls and is injured. Your guest sues you for medical costs and punitive damages. 

You must hire a lawyer. If you lose the case, you’ll also pay damages and court costs. It could add up to thousands of dollars. But if you have renters insurance, the liability benefit will kick in, and your insurer will reimburse you for your legal costs. 

“I Don’t Need This Coverage if I Don’t Have Expensive Items” 

Your possessions might not be particularly valuable — but they’re critically necessary to you. If a fire torches everything you own, where do you begin? Which critical items get replaced first with your limited savings? Your entire wardrobe? Your phone and computer? Your bed and other furniture and furnishings? You need them all, but you might have to wait for several months or longer before you can replace everything you need on a daily basis. 

Unless you have renters insurance. In that case, you’d make a claim and get a check that would go far toward replacing everything you need to restore your life. 

To most people, everyday items such as clothing, electronics, and furniture are more valuable to them on a day-to-day basis than rare works of art. 

“Renters Insurance Doesn’t Cover Natural Disasters” 

It does! You can make a claim for damages due to many natural disasters, including tornadoes, hurricanes, wildfires, hail, and other damaging weather events. 

As for floods and earthquakes, if you live at a location prone to either natural disaster, you can buy additional coverage specifically to handle that claim, or add the coverage to your standard policy. All you’ll need to do is consult your agent for the most appropriate and affordable option. 

Why Renters Insurance is Essential 

Your coverage will protect all of your belongings, including those you might keep off-site, such as in your car or a storage facility. 

You’ll also receive liability protection if you’re sued for actions on your premises for which you’re held responsible. You can even file a claim for temporary housing if you and your family must relocate for an extended time while your rental unit is being rehabbed after a fire or some other damaging event. 

You need renters insurance coverage because you’ll pay a little and get a lot in terms of financial security. 

Don’t Let Myths Stop You — Get the Right Renters Insurance, With Acceptance 

Renters insurance myths aside, this coverage is too valuable to do without. It’s financial protection that comes at a very affordable cost. 

How much renters insurance do you need? Call us for increased peace of mind. Your independent Acceptance Insurance agent will answer your questions and provide the renters insurance facts that will help you determine the best coverage for you and your family. 

Call us today at (877) 405-7102. Or get a quick online quote. You can also find an office near you to meet in person with a knowledgeable and helpful agent. 

FAQS 

Ready for some more renters insurance facts? Here are answers to a few of the most common renters insurance misconceptions. 

Does Renters Insurance Cover Theft Outside of My Home? 

Yes. If your belongings are stolen from your car, an outbuilding such as a garage or tool shed, or even from an off-site storage facility, you’re covered up to your policy limits and within the scope of your deductible. 

How Much Does Coverage Typically Cost? 

The cost can vary considerably based on such factors as your location, the amount of your deductible, and the limit you place on your policy. However, a cost of just $15 to $20 a month is not uncommon. It’s easy to get a quote from a renters insurance agent. If you consult an independent agent, they can get and compare quotes from multiple insurers to bring you the most affordable coverage. 

Is Renters Insurance Required by My Landlord? 

It can be. Many property managers do require coverage as a way of protecting their own finances. 

One way of looking at this is to imagine a tenant running a business out of their apartment. If a burglar stole the computers and other devices needed to run that enterprise, the tenant might be unable to pay the next month’s rent. With renters insurance, the tenant can be quickly reimbursed and back in business with new equipment, and rent collection isn’t at risk. 

Can I Add My Roommates to My Policy? 

Maybe, but it is always best to have your own policy. That way, if your roommate has a claim, it will not affect your policy history. Ask your roommates to also speak with an independent renters insurance agent and get their own policies.