What is Renters Insurance?

Renters insurance, often referred to as, tenant’s insurance, provides coverage for your personal possessions, personal liability, and additional living expenses. A standard renters insurance policy protects your personal belongings from damage due to fire, smoke, lightning, vandalism, theft, explosion, windstorm, water, and other disasters listed in the policy. Flood and earthquake coverage would need to be purchased separately if needed.

Rental Insurance Myths: Below are common myths that scare people away from renter’s insurance.

1. I don’t need insurance because my landlord has insurance. Your landlord’s insurance won’t replace your personal belongings if there were a fire, and your house or apartment burns down. Also, the landlord’s insurance will not pay for your living expenses while the building is being repaired either. The landlord’s insurance will likely only have pay to replace the building you are living in. Having your own renters’ insurance will give you the peace of mind you need to make sure your personal belongings will be replaced and provide additional living expense coverage if you must live elsewhere until repairs are done to the home.

2. I don’t have anything valuable or enough things insure to need renter’s insurance. The value of all your personal belongings such as furniture, clothing, electronics, appliances, kitchen utensils, towels and bedding can start adding up to a couple thousand of dollars. To replace all your personal possessions all at the same time can become burdensome. Therefore, having coverage for your personal belongings is a must even if you are renting a place.

3. I don’t invite risky people or behavior to my place, so I don’t need renter’s insurance. Even if you do not, visitors of other neighbors and their actions are out of your control. Their actions and can lead to problems that may impact you and other renters.

4. Renters insurance is way too expensive for me.

Renters insurance is not as expensive as you think and even more affordable when you bundle it together with your auto which may help you save on your auto insurance too.


Get the coverage and protection you need today to protect your personal possessions and learn more about renter’s insurance by contacting Paroubek Insurance.

Sources: https://www.secura.net/blog/top-4-myths-renters-insurance-debunked/ https://www.iii.org/article/renters-insurance

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