If you live in a rented house, you need renters insurance to cover the contents of the house against losses arising out of exigencies like fire, theft, and burgl
ary. However, there are numerous myths about renters insurance that make people believe that they do not need it.
It is advisable to get the insurance facts right and not fall for any myths about renters insurance. There are some very common myths about renters insurance that you must avoid.
Here are 5 common myths about renters insurance people believe:
1: The landlord’s insurance covers me
Insurance fact: Some common renters insurance myths make you believe that persons living in rented homes do not need a separate insurance cover as the landlord's insurance would be sufficient. The fact is that the landlord's insurance would cover the building, but not the personal belongings of the tenant. It is the tenant's responsibility to get their personal assets insured.
2: There’s nothing worth insuring in rented houses
Insurance fact: Some people believe that they do not have anything worth insuring in a rented house. This is nothing but a myth. Most of us own goods like a computer, camera, DVD player, and TV, and the cost of items such as clothes, books, home appliances, and electronic goods could also add up to quite a substantial amount. Just imagine a situation when you need to replace them after a natural disaster, fire, or burglary. Renters insurance is a must if you want a cover against such losses.
3: My building is very safe so I don’t need insurance
Insurance fact: Another common myth about renters insurance discourages people from getting a policy on grounds that they do not need it if their buildings are safe enough. First, no building is safe from emergencies like fire and natural calamities and even burglars are getting smarter with the advent of new safety systems. Renters insurance covers more than just the items within a house. It covers you for a place to stay in case a pipe bursts, and the rented accommodation is temporarily uninhabitable. It also covers the medical expenses if someone, including guests and neighbors, is injured on the premises, along with the legal expenses for lawsuits filed for related injuries.
4: This insurance involves a long and tiresome process
Insurance fact: Another set of common myths about renters insurance make people believe that obtaining renters insurance involves a troublesome and long process. However, renters insurance can be purchased in less than an hour. You can select, pay the premium, and obtain renters insurance through the Internet. Besides, the documentation for renters insurance is less than that required for generic insurance policies such as auto insurance.
5: Renters insurance is very expensive
Insurance fact: The myths about renters insurance will also have you believe that renters insurance is too expensive. However, it is a relatively cheap insurance product and a policy can be purchased for as low as 10 dollars a month. Besides, you can further cut down on its costs by installing safety equipment such as smoke alarms, fire extinguishers, and other security systems in your house.
© Newsmax. All rights reserved.