Most Common Renters Insurance Myths

Are you currently living in a rental property? Do you have a Renters Insurance Policy?

Unfortunately, many people who would greatly benefit from a Renters Insurance don’t think that they need it, or don’t think they are qualified to have it. Below you will find the answers to some of the most common Renters Insurance myths, allowing you to better understand what the policy really offers and why you may want to reconsider your need for Missouri Renters Insurance:

1. I don’t have enough personal assets to require Renters Insurance.

How much do you consider enough? $5,000 worth of personal valuables? $10,000? How about $20,000 worth of personal assets? Studies have shown that around 45% of renters have at least $20,000 in possessions. Even if your valuables only total $5,000, are you ready to spend $5000 just to get back to the same position you are in now? Considering that Renters Insurance costs average $260 per year, meaning it would take you over 19 years to pay $5,000 in Renters Insurance fees.

2. My landlord has insurance, so I don’t need my own coverage.

The insurance your landlord has only covers the actual property, unless the damage done to the property is due to negligence from you, the resident, in which case the resident is responsible for covering the cost of the damage. Generally speaking, the landlord’s insurance does not cover your personal valuables—thankfully Renters Insurance does. It even covers the cost of a temporary place to stay if your apartment becomes uninhabitable due to some sort of disaster.

2. Renters Insurance only covers what’s actually in my rental property.

Actually, Renters Insurance also covers things that you leave in your car, even if that car is nowhere near your apartment. Furthermore, it also provides personal liability coverage, meaning that if you accidentally burn down your own apartment or there’s an accident in your apartment, Renters Insurance will cover any damage to the apartment or a person, and it will even cover legal bills if a lawsuit results. Renters Insurance is quite versatile on top of being surprisingly affordable.

Interested in learning more about MO Renters Insurance? Contact Select Insurance Group at 1-855-GET-SELECT, we’d be happy to discuss your coverage options with you and help you better protect your personal valuables!