While this story hits close to home for us at SECURA, it isn’t the only one we’ll hear this year. So it begs the question: why are renters uninsured so often? Below are the top three misconceptions renters have about their insurance coverage.
My landlord has insurance, so my things are covered.
Yes, your landlord has insurance, but not for you. Their insurance policy will cover the building you reside in should it be destroyed, but it’s your responsibility to purchase an insurance policy for your personal belongings.
I don’t need insurance because I don’t invite risky people or behavior in my place.
But your neighbor might. You can control what happens in your unit. Your neighbors’ visitors – and what they do – are completely out of your control. They might burn candles, use old space heaters, or have pets – all of which are notorious for creating problems, like fires, that impact many renters.
Other risks arise because of the fact that many older buildings have outdated electrical wiring, which is a greater fire risk. In addition, some rental properties could expose you to a significant potential for theft.
Renters insurance is too expensive.
Actually, it’s quite inexpensive, especially if you consider the low monthly premium. In fact, SECURA offers a MILE-STONE® policy for renters, which also insures your auto as part of a package policy. It’s a little less expensive to be covered that way. A typical renters insurance policy covers property, like electronics, clothing, and furniture. You may need additional coverage for jewelry, firearms, silver, etc.
Ask your insurance agent for a quote, or you can find an agent here.