Myths about Renter’s Insurance

Myths about Renter's Insurance

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.

 

 

Anna Sergunina
Anna Sergunina
anna@mainstreetplanning.com

I'm Anna Sergunina, CFP®, President & CEO at MainStreet Financial Planning, Inc. My passion lies in serving others through financial planning, helping clients achieve their dreams like buying a home, saving for education, or retiring early. With over two decades in the industry and a CFP designation since 2009, I'm dedicated to excellence and continuous growth. Beyond work, I cherish moments with my son Liam, prioritize self-care, and engage in content creation for my Money Boss Parent Podcast and Money Library blog.

Get Started with Anna

Stay updated on future articles, shows, and podcasts