If you’re new to the renting game you might have been told why you need renters insurance. But in case you haven’t, CoverHound is here to keep the facts straight. Here are nine common misconceptions about renters insurance quotes you absolutely need to know.
It’s Too Pricey for Me
All too often people hear the word insurance and immediately think multiple dollar signs. But renters insurance is actually affordable. According to the National Association of Insurance Commissioners, the average monthly cost of renters insurance is $15 per month, considerably less than our daily buying habits of lunch, or coffee, or entertainment.
I Don’t Own Enough to Have Coverage
If you take a hard look around your room, chances are you’ll find enough stuff that you’ll want to protect. Unless of course you’re a nomad traveling with one backpack at all times, you likely own at least a few thousand dollars worth of items and goods, even if you don’t think you do. Take an inventory, outline a rough estimate of what you paid for each item, and protect it with an affordable policy.
My Landlord Has Insurance, So I’m Good
We hate to be the bearers of bad news, but your landlord’s insurance doesn’t do anything for you. So basically we’ve deduced that your stuff is uninsured. You should fix that.
I Don’t Have the Time to Shop for Rental Insurance
Everyone has enough time to handle the important things in their life. So it’s possible shopping around for renters insurance just isn’t on your list of high priority things to take care of. But there are many online sites, such as CoverHound, that provide an easy, step-by-step process in gauging how much you’re likely to pay for a renters insurance policy.
I Don’t Care About My Personal Belongings Enough
Standard renters insurance policies also have personal liability coverage. This coverage protects yourself in the event somebody gets hurt while in your place, in addition to covering that person’s medical bills, any property damage caused and any other living expenses that are affected. Some policies extend liability and insurance beyond the property as well, so have an idea of the kind of coverage you need.
The Lowest Price is the Best Policy for Me
This may be true, but it’s hard to know for sure unless you compare at least a handful of companies. You may find insurers with lower prices, but they might not offer the best policies and coverage for you. Also, personalized customer service goes a long way. It may be worth a couple extra dollars a month for the peace of mind in knowing your renters insurance company views you as a person, and not just another number.
My Building Won’t Get Broken Into
There’s a very strong possibility you’re right. But, in the unlikely event your place does get broken into — and you find your flat screen, laptop and record collection gone — you’ll feel pretty foolish for not having ponied up a modest amount of money a month to protect them.
We Already Have Renters Insurance in our Household
If your roommate has renters insurance, that’s great for them, but it doesn’t do anything for you. Each tenant needs their own renter’s insurance policy to protect the value of their personal possessions.
I Thought All My Items Could Be Protected Under One Coverage
This can be confusing, but essentially, renters insurance policies cover standard goods, with more expensive items typically requiring special coverage. Items like home computers, jewelry, watches, comic books, rugs, antiques, art, firearms and other high-value items should be disclosed as you compare renters insurance quotes.
While it may seem like a huge headache, renters insurance for the most part is a smart and affordable way to protect the items you covet most. Get started on comparing policies today, or give us a call at (866)-278-7881 to work with a licensed CoverHound advisor!