Here are some common
misconceptions about renters insurance, along with few tips on how to pick the
best policy for you:
Since all rental properties are susceptible to a variety of physical damage, whether it be fire, theft or even a broken kitchen appliance, many experts say there is not a scenario in which a resident should go without renters insurance. But it is important to consider the associated costs, both monetary & sentimental.
A common reason for why the dwellers avoid renters insurance is they do not think their belongings are worth the coverage. Many tenants underestimate the value of their possessions & would be surprised by how much it would cost to replace the items they have accumulated. If renters think they don’t have enough stuff to warrant a Renters Insurance policy, they should go around their residence, room by room & take full inventory of their belongings before making a decision. The average renter in a two-bedroom apartment has about USD 30,000 worth of stuff.
Occasionally, a landlord may partner with an insurance company to offer renters insurance to lessees, but more frequently, the insurance policies that landlord hold for his properties protect only the building itself. After acquiring a rental housing unit, landlord change his insurance policies from a traditional homeowners policy to a rental policy & when they do that, it only covers just the building structure, not the content or any of the lessee's belongings.
Accidents, such as a flood, may damage other tenants' property & can be costly. Only renters insurance can protect you from these situations & help cover those unexpected costs. If your bathtub overflows & water seeps into the apartment below, damaging your neighbor's costly furniture or rug, your insurance policy will cover the damage up to your liability limits.
Renters Insurance is less expensive than traditional homeowners
insurance, but it could still become expensive if policy holders are not
careful, regardless of the policy type.
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