5 Renter’s Insurance Myths Debunked

Chances are if you’re looking to rent your first house or apartment you have so many things to think of, you might not have given much thought to purchasing renter’s insurance. Even if you’ve thought of renter’s insurance you may have some misconceptions about it. Remember, if you rent a house or an apartment, your belongings are not covered under the insurance policy of your landlord, you need to have your own insurance coverage.

We’d like to debunk five renter’s insurance myths you might have heard:

1. My belongings are covered by my landlord’s policy: This is the biggest myth. The insurance policy that your landlord carries on the property you live in, covers the structure and items such as hot water heaters and the furnace. The policy does not cover any of your personal belongings such as your clothes, furniture, computers, etc.

2. I live in a safe building, I don’t need coverage: Right? Wrong. No building is safe from fire or leaking plumbing from a neighboring apartment. Even if you have a building with a security system, a burglar can easily bypass it and break into your apartment. If you don’t have renter’s insurance, you will not have coverage for your stolen items. Consider too if your apartment is damaged by fire or a leaking plumbing situation, you will have to cover out of pocket for another place to live – if you don’t have a renter’s insurance policy you will need to pay for that yourself.

3. I don’t own anything worth insuring: If you look around your apartment and add up the amount of clothing you own, the silverware, your dishes, sheets, computers, television, DVD player and more, even if your items are used, it will still cost a lot of money to replace.

4. Renter’s insurance is too expensive: Compared to other types of insurance policies and compared to having to replace your belongings, renter’s insurance is a bargain. Depending on the amount of coverage you choose, you could pay as little as $10 per month. You can get a policy that is even less expensive if you opt for a high deductible – just make certain you can afford the amount of deductible you have chosen in the event of an emergency.

5. It takes too long and is too hard to buy renter’s insurance: If you already have car insurance, check with your current agent for a quote on renter’s insurance. It can be as quick as a phone call to get insurance coverage. You give your agent some information about the apartment you’re living in, give an idea on the amount of coverage you want, pay a down payment and you’re covered.

As a way to lower your insurance payments even further, you can install fire extinguishers and smoke alarms. Talk with your New Jersey insurance agent to get a better understanding of what you can purchase with your renter’s insurance policy and take a few minutes to buy that peace of mind.