Common Myths about Renters Insurance |
Posted: February 24, 2016 |
Renters insurance protects your personal belongings and also save you from legal and medical expenses associated with an accident in your home. Despite the advantages it hold, many renters believe that taking out insurance is unnecessary or too expensive. Renter’s Insurance protects your home and your valuables if something bad happens to it. The coverage is dependable and costs less than you might think- in some cases, it costs as much as your morning coffee. Here are some common misconceptions about renter’s insurance: Myth-1: Not having enough stuff to need a coverage If renters think they do not have enough stuff to file a renter’s insurance policy, we as insurance experts, suggest they take a round of their residence, room by room, and take full inventory of their belongings before making a decision. Myth-2: Landlord will cover property damages In some situations, a landlord partners with an insurance company to offer renter’s insurance to tenants, but mostly, the insurance policies that landlords hold for their properties only protect the building itself. Once landlords acquire a rental housing unit, they change their insurance policies from a traditional homeowner’s policy to a rental policy. In that case the insurance only covers the structure of the building, not the content or any of the tenant’s belongings. Even if the landlords owns appliances or other items within your rented home, he or she is not responsible for damages on your personal property. Renter’s insurance policy will help you to claim the coverage on your lost or damaged property. Myth-3: Renters insurance only covers personal belongings Renters insurance can protect you from any unfortunate event like fire, flood, or earthquake. If your negligence cause any damage or loss to your neighbor, your renter’s policy can cover the damage up to your liability limits. This liability protection can cover medical or legal expenses associated with your home. If a guest has visited your home and he trips over a loose rug or injures himself in your apartment, you have to cover for the medical expenses associated with that. But in case of a lawsuit, renter’s policy will protect you from the risks and cover your financial loss. Myth-4: Renters Insurance is too expensive Unlike a typical homeowner’s insurance policy, a renter’s insurance plan is surely not a large additional monthly cost. Approximately less than $20 a month is all that is required to protect your personal property against any damage or loss. Policy premium can vary between individuals, providers and location, but as a whole, renters can expect to pay about 50 cents per day for a renter’s insurance policy. Although, renter’s insurance policy is less expensive than homeowner’s insurance policy, it could still become expensive if consumers are not careful, regardless of the policy types. You should always consult experts before making a final decision. Whether you need Small Business Insurance, Renters Insurance there are many insurance professionals that can provide you with the right coverage at a price that fits your budget. About Bio:
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