Wherever you live, you need to protect yourself, your possessions and your finances with the proper insurance coverage. If you reside in an apartment or dorm, the right coverage for you is a renters insurance policy. Many people who don't live in a house make the mistake of not putting much thought into having insurance, and a variety of ill-conceived reasons are behind this lapse in judgment.
Here are common misconceptions that stop people from investing in renters insurance:
"I don't own that much stuff"
Compared to others, some people own very little. However, it only takes a modest amount of personal belongings to add up to a significant cost - it's just not noticeable when everything is acquired over a period of years. If people take the time to add up the cost of replacing everything in their apartments - beds, sheets, towels, clothes, plates, silverware, etc. - they'll realize it would be a huge financial undertaking to replace everything.
"I can't afford renters insurance"
While many people live on strict budgets, renters insurance is probably one of the cheapest types of insurance they'll ever need in their lives. It generally costs less than $200 for an entire year, according to the National Association of Insurance Commissioners. An average policy can run between $15 to $30 per month and if anything happens to someone's home, this essential policy will save them thousands of dollars.
"My landlord has insurance"
One would sincerely hope the landlord has property insurance for the building. However, this policy won't cover the personal belongings within someone's apartment. It will be of no help if a natural disaster or break-in happens.
"I don't need it"
No one needs insurance until they do. Over many months it may seem like just another bill someone doesn't want to pay. But, insurance is much more than that. It's protection. Homes are incredibly important and they can be ruined in less than an hour because of a fire or thieves. A policy can't stop something bad from happening, but an insurance provider can help people get back on their feet and rebuild a home after a devastating event.
Renters insurance can provide a wealth of coverage for a small cost. For those on tight budgets, it can be difficult to work it in, but it will be harder to cover everything themselves if something bad happens. Additionally, people who rent in an earthquake zone or an area prone to flooding should look into a rider for their renters policy to cover these natural disasters.
Most renters can find coverage for as little as $30 a month. To compare renters insurance quotes, [visit CoverHound today](https://coverhound.com/renters-insurance).