Three Common Misconceptions about Renters Insurance That Renters Have


Being a homeowner is the American dream; for most. Some people are happy to rent and never have to care for their own problems and issues, and some people rent because they currently have no choice, or they are saving to purchase their first home. Either way, renting means taking note of a few very important things, such as renters insurance. Some people feel that it’s unnecessary to have renters insurance. Others never rent without it. What about you?

If you’ve never rented before or you have rented before but you’ve never used renters insurance, you might want to consider how important it is to be covered in case of an emergency or an incident. Renters insurance does get a bad reputation at times, but it’s something that you should have when you rent. We can tell you precisely why renters insurance is something you might want to consider now, before it’s too late. Here are a few of the common reasons renters choose not to utilize this type of insurance, and why those reasons are just not valid.

I Don’t Care about My Stuff

Okay, that’s fine. If you don’t care about your own belongings, at least have a little consideration for the belongings of others. For example, perhaps you might want to consider what would happen if you leave the bathtub running and it leaks into the apartment below yours. That becomes your financial responsibility, and you don’t want to be responsible for that kind of damage.

My Stuff Isn’t Worth that Much

Rental experts beg to differ. Most people underestimate the value of their belongings and, therefore, do not bother with rental insurance. This means that they are going to end up losing their belongings and not have enough to replace those belongings. This could be financially catastrophic for renters, and it means it’s time to get this insurance and make your life a little easier.

My Landlord Covers Me in a Loss

Oh, no; what a huge misconception. Maybe here and there a landlord does this, but for the most part this never happens. Landlords typically only have enough insurance to cover their building or home if something were to happen. They aren’t paying their money to offer you coverage for your belongings. That’s what renters insurance is for.

Photo by Alexandra Beier/Getty Images


Leave a Reply