Busting Myths About Renters Insurance

If you owned a home, you’d want to protect it from possible damage and destruction, right? About 95% of homeowners would agree and do so by investing in homeowners insurance.

Renters Insurance

While you don’t own your apartment, you are responsible for its care and maintenance. So why do less than 50% of tenants purchase renters insurance? There are several common misconceptions that discourage people from investing in this type of coverage.

Myth #1: I Don’t Own Any Valuables

Family heirlooms and diamonds aren’t the only items you should consider valuable. Take stock of your possessions, including your clothes, shoes, furniture, electronics and appliances. Those items can easily add up to thousands of dollars. So, ask yourself: do you have the funds to replace those things if they were destroyed or stolen?

Myth #2: My Landlord’s Insurance Will Cover My Losses

Your landlord’s insurance accounts for structural and property damages, not your personal belongings. Any possessions lost, stolen or damaged will be your responsibility to replace. And more landlords and property managers now require tenants to have renters insurance to protect themselves from personal losses.

Myth #3: Renters Insurance Only Covers My Belongings

That is probably one of the biggest misconceptions about renters insurance. While an insurance policy does cover the cost of replacing your items, it can also pay for several other important expenses.

Financial protection: Renters insurance protects your finances from a lawsuit if someone is injured in your home or you accidentally injure someone outside your apartment. The liability coverage will pay for court and legal expenses up to your policy’s limit.

Alternative living expenses: Let’s say a fire destroys your apartment. Where are you going to stay, and how will you pay for the cost of living elsewhere? Renters insurance can finance alternate accommodations until your apartment is repaired. Those expenses may include hotel stays, food and transportation.

Items outside your apartment: Your insurance extends coverage to your belongings even when they’re not in your apartment. Items like jewelry, luggage and electronics are usually covered if they’ve been damaged by aircraft, vehicles, fire, smoke, water or vandalism.

Myth #4: Renters Insurance is Expensive

The average renters insurance policy can cost between $150 to $250 per year. At its most expensive, that’s about $21 a month.

The cost is determined by:

  • The amount of coverage you require
  • Your type of coverage
  • The amount of your deductible
  • Where you live

Some insurance companies also offer discounts if you bundle your renters insurance with other policies, such as automotive or motorcycle insurance.

Contact Ardent Communities or call 614-253-7368 to learn about our renters insurance policy and schedule a tour at one of our outstanding Columbus communities.

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