AllRisk Auto Insurance, LLC Blog
Real estate prices continue to rise up, and more people now result in renting homes instead of buying them. We usually think that being a tenant would mean lesser expenses and responsibility when unexpected and unfortunate events happen. But, did you know that even renters can be protected should natural disasters strike? Renters insurance can help safeguard many people, but the lack of knowledge and a lot of misconceptions hinder them from obtaining a policy.
What is Renters Insurance?
This is an insurance policy that is quite similar to getting homeowner's insurance. Your properties or belongings will be covered in the case of fire, theft, vandalism, or other unfortunate events. Some policies offer personal liability coverage, flood and earthquake coverage, or traveling insurance.
Myth #1. Your Personal Property is Covered by Your Landlord's Insurance
Hearing about your landlord getting insurance for their property does not equal to you being insured, too. Their insurance will only cover the building itself, but not the things inside. You will not receive any help if your belongings are damaged, lost, or stolen.
Myth #2. Renters Insurance is Too Expensive
People tend to pass up the chance to get renters insurance because of the assumption that it costs as high as homeowner's insurance. Good news! It is actually a lot more affordable. The cost of renters insurance is around $180 to $350 annually, which is so much lower than about $1,000 a year for homeowners. According to the National Association of Insurance Commissioners, your usual monthly rates will range from $15 to $30, depending on the extent of your coverage.
Myth #3. The Renter’s Insurance of One Occupant Includes Everyone
You still have to apply for your own renter's insurance even if your roommate already has one. Inclusion of roommates are seldom and most likely not offered.
Myth #4. Your Belongings Do Not Have Enough Value for Insurance
People tend to look down on themselves and their possessions. It might not look like it, but your jewelry, clothing, electronics, and household appliances have considerable value when accumulated. It helps to look into the total cost of your belongings and not on their individual prices.
For Your Renters Insurance Needs
There is a lot to learn about renters insurance, and you should have experts ready to answer all the questions in your mind.
At AllRisk Auto Insurance, LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (360) 693-4044. Get your free quote today by CLICKING HERE.