Myths about Rental Insurance

Like almost anything else in our world, there are myths about rental insurance. Myths arise from people that are uneducated about the certain cause yet are still expensing advice. These myths get accepted as fact because they are often the easy way out, and people rarely ever want to dig deeper. Well, we got news for you: you are going to want to dig deeper if you are to avoid succumbing to these common rental insurance myths.

Common Myths

My landlord has it covered- You would be amazed how often people think they are covered by their landlord insurance. A landlord’s insurance only covers the building you live in, not your personal belongings. If your apartment were to be damaged in someway then you are covered, but if someone steals your TV you are out of luck.
I don’t own much- Many people don’t think their possessions are worth as much as they think they are. Even if you are living on your own for the first time, chances are you have some valuable accessories. Your Ipod, TV, and DVDs can add up to a lot more than you think.
The benefits don’t outweigh the costs- People think of insurance and they think of auto and home insurance, policies that can come with premiums of hundreds of dollars a month. In reality, renters insurance will only cost you $100-$200 a year, very affordable for even the poorest college student.
I’m not liable- Most renters do not even consider liability issues from events that occur inside their place of rent. If someone else gets injured in your house or apartment you are liable for what happens to them, and your landlord’s insurance is not going to cover it.
My parent’s policy covers my stuff- For most first time college students living on their own it is a common belief that their possessions, once insured by their parent’s home insurance, will still be covered after they move out. This could be true in some cases, but in reality once you move out those possessions no longer reside under that policy.

What Rental Insurance Covers

Rental insurance usually covers your personal property such as stereos, CDs, DVDs, cameras, appliances (that don’t come with the apartment), furniture, silverware, clothing and books. You are usually protected against damages that stem from theft, water damage, smoke, and fire.