It’s a myth that renters’ insurance is an unnecessary expense. You wouldn’t leave your house uninsured, so why would you not cover your rental? For a small monthly payment, you can protect your personal belongings and save yourself from future legal expenses by getting renters’ insurance. However, many believe renter’s insurance is a waste of money. As a renter, knowing what renters’ insurance is and what it covers will help you understand its importance and the security it provides.
Saferoad Insurance Services is here to debunk four common myths about renters’ insurance and help you make a smart financial decision. Let’s discover the truth about how renters’ insurance can help you in the long run.
Renters’ Insurance Is Too Expensive
The cost of renters’ insurance is low. The average cost of California’s renters’ insurance is about $17 a month, which adds up to about $204 a year. Renters’ insurance is not as expensive as many think. Most insurance policies cost less than ordering a pizza. Of course, the price of renters’ insurance depends on where you live, especially if you live in a higher-risk area. But even if you’re living on your own for the first time, it’s a worthwhile item to include in your budget.
The Landlord Will Replace Your Items
A common myth about renters’ insurance is that your property owner will replace stolen or damaged items. Your landlord’s insurance only covers the building—not the items inside. Without insurance, if you are the victim of theft or property damage, you must pay to replace these items. Meanwhile, renters’ insurance protects these items and ensures your property has coverage wherever you go. Did you know that renter’s’ insurance covers theft of your personal property even when you’re away? For example, if you go to Las Vegas and someone steals your bag, you will have insurance to help replace it.
My Roommate’s Insurance Covers My Items Too
You and your roommate may share many things, but their insurance policy only covers their things. Even though you live together, your roommate’s rental insurance doesn’t cover your property. You also want an insurance policy to protect your items. Having your own policy also means you can customize your coverage to what’s best for you.
Renters’ Insurance Only Covers Personal Belongings
Renters’ insurance does much more than cover your items. It provides medical, liability, and property damage coverage. Medical and liability coverage is when you’re responsible for the damage or injuries guests incur within your rental space. You will be responsible for paying for property damage, medical, first aid, and court expenses. Renters’ insurance will also cover the costs for hotel and food if your rental space becomes inhabitable.
Don’t wait until it’s too late! Get renters’ insurance now to protect your belongings and your finances. If you’re looking for cheap renters’ insurance in California, we’re here to help. Contact us for more information and get your quote today.