078: 3 Common Myths About Renter’s Insurance

078: 3 Common Myths About Renter’s Insurance

In the last few episodes we went over and discussed Renter’s insurance and what this policy cover.

Today I want to mystify 3 common misconceptions people still have about why they need renter’s insurance.

  1. It’s too expensive – unlike car insurance or homeowner’s, you can get a basic policy for around $15-$20 per month. Is that expensive you? Think about what kind of risk you exposing yourself and your family without this coverage.
  2. Since I am a renter, will my landlord will cover property damages– the answer is “NO”. Landlord’s policy covers only the building they own. So you are at risk for your own property if it’s becomes damaged.
  3. I don’t have enough stuff to need renter’s insurance –  A common reason individuals avoid renters insurance is they do not think their belongings are worth the coverage. “Many renters underestimate the value of their possessions and would be surprised by how much it would cost to replace the items they have accumulated.

Think again, before you forgo this coverage.

 
Anna Sergunina
anna@adviceonly.net

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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