While it’s common knowledge that a homeowners insurance policy is a must when you own property, most people fail to consider the importance of renters’ insurance. As a result, this type of essential coverage is often misunderstood, which can get in the way of a renter securing a solid policy. The following information clarifies renters insurance, so you can be sure that you’re well-protected.

Renters Insurance: Dispelling 3 Common Myths

1. Renters Don’t Really Need Coverage

Even if your landlord has a property insurance policy in place, it won’t cover your personal belongings. That’s what a renters policy is for; much like homeowners insurance, which covers the owner’s belongings as well as the physical structure of a home, renters insurance makes sure you can be compensated for any damage occurring to your belongings. Consider what you stand to lose in the event of a fire. The cost for replacing these items can be excessive, and without the proper coverage, you’ll be financially responsible.

2. Renters Insurance Is Expensive

Among other types of insurance coverage, renters insurance is extremely reasonable. In fact, U.S. News & World Report states that the average policy costs about $185 on an annual basis. This sum is minimal compared to the loss you would incur if all or most of your personal property was damaged—especially if you currently have a great deal of belongings.

3. Theft Is Unlikely

Even if you live in a secure building, theft can still occur. Even if risk seems unlikely, not having a policy in place will leave you financially responsible for the aftermath. When it comes to theft, even the most secure buildings are capable of being broken into, and theft can also happen internally—particularly if you live in an apartment building with many units.

In Mountain Grove, MO, our team at Farmers Insurance Group believe that knowledge is key when making an informed decision about coverage. This is true whether you’re in search of homeowners insurance, renters coverage, or are in need of auto insurance. Led by insurance agent Steven Hall, we work diligently to find a plan that is well-suited to your needs and budget. If you’d like more information on how to purchase homeowners insurance, feel free to visit us online. If you’re currently renting and want to learn more about our renters policies, call (417) 926-7900.