Fact or fiction? The top 4 myths of renters insurance debunked

Whether you live in an apartment, house, or duplex, if you're renting, it's a good idea to get renters insurance even if your landlord doesn't require it. Why? Accidents happen, and oftentimes, they're out of your control. 

There are many things that hold people back from purchasing a renters policy. Allow us to myth-bust a few of the biggest reasons: 

My landlord has insurance, so my things are covered. 

Sure, your landlord has insurance, but this coverage only protects the structure. So if there were a fire and your house or apartment burns down, your landlord's insurance would only pay the cost to rebuild the residence. 

What your landlord's insurance won't pay for is the loss of your property, nor would it cover your cost of temporarily moving to another location while repairs are being made to your damaged home or apartment. By having your own separate renters insurance, you can trust that it will cover the replacement of your belongings. 

I don't have a lot of stuff that's valuable enough to insure. 

Are you sure about that? Think of your computers, TVs, collectibles, clothes, gaming systems, etc. While some of these things may not be that valuable, consider having to replace them all at the same time. What would your total cost to replace them be? You'd probably be looking at thousands of dollars when all is said and done. 

If you haven't done so already, it's a good idea to take a home inventory of everything you have in your residence and keep the list, and pictures of valuables, in a fire-proof lock box in case of emergencies. 

I don't need insurance because I don't invite risky people or behavior into my place. 

You may not, but can you say the same for your neighbors? While you can control what happens in your unit, unfortunately 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. 

Renters insurance is too expensive. 

Actually, it's quite inexpensive. Ask yourself this: how much do you spend on Starbucks or takeout every month? For about the price of a basic pizza per month, you can insure your personal belongings with renters insurance. In fact, SECURA offers a MILE-STONE policy for renters, which also insures your auto as part of a package policy. A typical renters insurance policy covers property like electronics, clothing, and furniture. 

A little peace of mind can go a long way. If you're renting, consider adding a renters' insurance policy. Trust us, you'll be thankful you did. 

To learn more, contact your insurance agent for a quote, or find an agent near you.