Many renters harbor misconceptions about how renters insurance works. They may question whether it’s really necessary and what it covers. A few common myths about rental insurance keep tenants in the dark about how it can help them.
Warrior Insurance & Services Group takes a look at five of the most prevalent misconceptions surrounding rental property insurance and what responsible tenants need to know about them.
It’s Unaffordable
Many renters believe that renters insurance quotes are too high for their budgets. In reality, it’s far less expensive than homeowner’s insurance and only commands a small percentage of their monthly rent payments.
Rental insurance rates vary according to location and coverage levels. However, in 2024, the average cost of a rental insurance policy is $14 a month. That’s just $168 a year, which is a fraction of most tenants’ monthly rent. For the protection a rental insurance policy offers, that’s a considerable bargain.
My Stuff Isn’t Worth Getting Insured
If you don’t tend to collect overly expensive items, you might believe your things aren’t worth getting coverage from rental insurance. However, even these low-cost items can add up. Individual pieces may be inexpensive, but according to US News & World Report, the average two-bedroom apartment has about $30,000 worth of possessions.
Consider whether you can afford to replace or repair everything you own in the event of a disastrous loss. Also, remember that a renters insurance policy can cover more than the loss of possessions — you can get additional liability coverage that may be crucial at some point.
My Landlord’s Homeowner Insurance Is Enough
Since you don’t own the property you live in as a renter, you might think your landlord’s home insurance will keep you and your possessions protected. This is one of the most frequently misunderstood myths about the necessity of rental insurance.
A typical landlord’s home insurance policy only covers external structural damage and owner negligence that causes injury or destruction. It does not cover the actions of you as a tenant or the value of your belongings. That’s what a rental insurance policy can provide.
My Roommate’s Insurance Is Enough
You may live with one or multiple people who have rental insurance policies. Some renters assume they’re covered by them. In reality, you and your possessions are not covered unless you are specifically listed on the policy.
If the insurer doesn’t know you live on the property, they won’t cover your losses. To be certain of your coverage, it’s best to get rental insurance under your own name.
Nothing Bad Ever Happens to Me
You may be skillful at avoiding accidents and moving through life with confidence. However, you can’t always plan or account for the results of outside actions or other people. For instance, just because you’ve never experienced prolonged illness doesn’t mean you don’t need health insurance.
Rental insurance can protect you and your possessions from unpredictable events like fire, theft, vandalism, and natural disasters. It works in tandem with your good luck to reinforce a responsible life.
Rental Coverage From Warrior Insurance & Services Group
Warrior Insurance & Services Group offers rental insurance that can protect you and your possessions when damages occur. Stop by our office or contact us online to get a quote.
