AllRisk Auto Insurance, LLC Blog
Taking out renter's insurance can be a valuable investment to you as a tenant. The U.S. Census Bureau reveals that the number of renters in the U.S. has reached an all-time high of 43 million. But, a new poll from the Insurance Information Institute found only 41 percent of these renters carry insurance policies.
Carrying renters insurance can come in handy, especially during unforeseen situations. You will never know when accidents can happen in the property you are renting. This insurance type has its own share of misconceptions. Those can keep you from having renters insurance. Now, this article will debunk the common myths on renter's insurance.
The Landlord's Insurance Will Also Cover Tenant's Possessions
In most instances, a landlord will partner with insurance companies. But most of the time, it will cover only the building itself. It will also pay for any bodily injuries due to their negligence. They won't cover the replacement of your furniture, clothing, electronics, and others.
Even the landlord has appliances or other items within the unit. They will not be the ones to pay for any damages. Such as personal properties or injury that will happen within your premises. This is where having renter's insurance can come in handy. Your policy will cover those expenses in your personal space.
Renter's Insurance Only Covers My Personal Belongings
Another common misconception is that it will only pay for damages or expenses related to your personal belongings. This isn't true at all. Let's say that your bathtub overflows and the water reaches the unit below, resulting in damage to your neighbor's furniture or rug. Your insurance policy will cover the damage up to your maximum liability limits.
Renter's insurance will also cover medical or legal expenses. If your guest trips over a loose rug and gets injured, your policy will pay the medical costs. In the event of a lawsuit, the renter's insurance will also cover the legal fees.
Renters Don't Own Expensive Items Needing Insurance Coverage.
Everyday items like furniture, clothing, and appliances may not be expensive. But when they get damaged or destroyed by fire or flood, your expenses could immediately pile up. But other tenants have computers or laptops, which could easily cost thousands of dollars. Renter's insurance will pay for the cost of repair or replacement of your items.
Aside from that, renter's insurance protects your belongings from theft, Or stolen or forged checks, and stolen credit cards.
As a renter, it is essential to identify these common misconceptions. So you can protect yourself from unforeseen expenses.
At AllRisk Auto Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (360) 693-4044. You can also request a free quote by CLICKING HERE.