Renters insurance is one of the most misunderstood types of coverage. Since it isn’t typically required, many tenants assume it isn’t important and opt to forego the purchase to save money. However, if they took the time to consider that any rental is just as susceptible to damage or a break-in as a home that’s owned, there’s a good chance they would change their mind. According to the insurance experts at Bingel Insurance Agency in Denver, CO, many people have the wrong idea about renters insurance and fail to realize the financial protection it offers.
Below, the insurance agents reveal the truth behind the most common myths tenants believe about the coverage:
- Landlords Insurance Will Cover Everything: One of the biggest fallacies regarding renters insurance is that it’s not necessary because tenants are covered under their landlord’s policy. Landlords insurance is designed to cover the building itself but none of the renters’ possessions inside.
- There Aren’t Enough Items of Value to Insure: Renters frequently overlook the value of all their belongings. Even if they don’t own many high value items, once everything from each room is added up, it’s easy to see that there’s quite a bit more property value than originally thought. Having to replace these things because of theft or damage would become a burden without the assistance of renters insurance.
- Renters Insurance Is Expensive: Renters insurance policies are much more affordable than most people presume. For an inexpensive price, tenants will receive peace of mind and financial security. Also, monthly premiums can often be reduced even more when a policy is bought through the same provider as another type of coverage.
The reality is that an unexpected disaster can strike any living environment, whether it’s rented or owned. Debunking the misconceptions and learning the facts about renters insurance will help tenants understand why it’s vital to have adequate coverage. Contact Bingel Insurance Agency at (303) 451-8034 to request an insurance quote, or visit their website for additional information about their full list of services.