Myths about Renter’s Insurance
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings
In this week’s episode, Anna talks about 3 common misconceptions people still have about why they need renter’s insurance.
- 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 are exposing yourself and your family to without this coverage.
- 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. You are at risk for your own property if it becomes damaged.
- I don’t have enough stuff to need renter’s insurance: a common reason individuals avoid renter’s 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. It’s usually worth the investment.