According to the U.S. Census Bureau, rented dwellings make up about 36.9 % of all dwelling houses. Despite the increased uptick of rented housing, renters insurance is one of the most forgotten investments by tenants. While the reason for low uptake stems from thinking that renters insurance isn’t a worthwhile investment, another reason could be the popular misconceptions surrounding renters insurance. As a result, Elliott & Associates Insurance of Opelika, AL is here to dispel common myths about this policy.
Myth#1: Renters insurance is expensive
While renters insurance doesn’t come free, its cost is little compared to the losses it cushions you against. Still not convinced? Come to our insurance agent and see how affordable renters insurance can be.
Myth#2: I don’t need renter’s insurance since my landlord has a policy
It’s not uncommon to hear tenants saying that they don’t need renters insurance because they are covered by the landlord’s insurance policy. While your landlord has a policy, it covers the building but not your possessions. For instance, if leaky pipes cause water damage to the house, your landlord’s policy covers the repairs of the interior but not damages to your items such as electronics and furniture.
Myth#3: Renters insurance covers tenant’s assets only
While it’s true renters insurance covers your belongings, that’s not the only coverage it provides. Renters insurance saves the day when you are faced with liability claims from third parties. This policy protects you against bodily injury and property damage costs you cause to other people.
And that’s not all. Renters insurance covers loss of use. Meaning, when a covered risk destroys your rented dwelling, renter’s insurance covers additional living expenses as your house is undergoing repairs.
Get renters insurance today!
As you can see, there is no justifiable reason why any tenant shouldn’t have a renter’s insurance policy. If you are in Opelika, AL and its environs, please contact Elliott & Associates Insurance for an affordable quote.
