For a small premium each month, renters insurance policies protect your personal belongings and cover medical and legal expenses if there is an accident in your home. However, many people fail to purchase this type of coverage because they do not understand its importance. The team at Robert Taylor Insurance, located in Lorain, OH, dispels some misconceptions about renters insurance below. 

3 Common Myths Regarding Renters Insurance

1. Renters Insurance Is Expensive

Renters insurance costs much less than homeowner’s insurance. You can purchase a policy with $30,000 of coverage protecting your property from theft, fires, and other natural disasters and $100,000 of liability coverage for under $150 per year. You can lower the cost even more by purchasing a policy from the same company that provides your auto insurance coverage.

2. My Belongings Aren’t Worth Insuring

It is a common mistake to underestimate the value of all your belongings. If you have furniture and appliances such as a flat-screen TV or a laptop, these items could be worth thousands of dollars. Most people do not have enough money in their emergency fund to replace everything they own if an accident occurs.

3. My Landlord’s Insurance Covers My Property

One of the biggest myths about renters insurance is that a landlord’s insurance covers personal belongings. Landlord’s policies generally only cover the building, not the property inside. If your belongings are lost or damaged, and you don’t have a renters insurance policy, you have to pay to replace them out of your own pocket.

The team at Robert Taylor Insurance offers a personalized approach to providing affordable renters insurance to their clients, taking the time to determine the amount of protection they need. Give them a call at (440) 277-5191 to speak to a helpful agent. You can also visit them online to learn more about their auto insurance policies.