Renters insurance covers your personal property from fire, theft and weather related damages. It is an often overlooked type of insurance. Many of the individuals who are in need of this insurance have preconceived notions about it ranging from thinking it is too expensive to their landlord’s homeowners insurance covers their belongings. In this article we will discuss the top five myths about renters insurance and the truth behind each one.

1. It’s Too Expensive

Believe it or not, renters insurance is one of the most cost effective types of insurance on the market. It covers your belongings from things like fire and theft which happen every day throughout the United States. The national average renters insurance premium is $204. That’s only $17 a month! Most people spend that much on their morning coffee and lunch each day. The peace of mind and security you get from renters insurance is well worth the $17 a month cost.

2. I’m Covered Under Landlord’s Homeowners Insurance

This seems to be a widespread myth in regards to renters insurance. Your landlord’s homeowners insurance covers the structure of the building that you are renting from him. That policy does not protect the contents of that structure. In other words, your landlord’s homeowners insurance policy will not protect your stuff in the event a tree falls on the roof and ruins your electronic devices. His homeowners policy will pay to fix the roof, but you are on your own to replace your electronics without a renters insurance policy.

3. I’m in a Safe Neighborhood and Don’t Need It

If you live in a safe part of town and don’t worry about theft then consider yourself lucky. That does not preclude you from needing renters insurance. Living in a safe part of town doesn’t protect you from fire or natural disasters. There are about 400,000 structure fires every year in the United States. These happen in every type of neighborhood. Don’t take any chances. Protect yourself with a renters insurance policy.

4. I Don’t Own Expensive Stuff

You may not own a expensive jewelry, furniture or electronics, but what you do own amounts to a hefty price when added together. Look around your place at all of your stuff. Would you be able to replace everything you own out of pocket if everything was suddenly stolen or damaged? A great way to know how much your belongings are worth is to conduct an inventory of your home contents. Download a home inventory checklist to get started.

5. I Don’t Need Liability Insurance

Liability insurance protects the insured from any injury to another person caused by you or your property. For example, if the mail man injures himself on your property while delivering your mail you may be held liable for his medical bills. Liability insurance protects you from being liable for these costs out of pocket. Most renters insurance policies include liability insurance. You have no control over who may get hurt while at your residence. Protect yourself from the unexpected.

Like all other types of insurance, renters insurance is a way to protect yourself financially from the unexpected events that can happen. With the average cost of a renters insurance policy at around $17 a month, you can’t afford not to have a policy.

Author's Bio: 

Matt is an insurance broker who has created a niche for himself in the tenants insurance market. His company provides the ability for tenants to get renters insurance quotes throughout the United States.