Many tenants make the mistake of overlooking renters insurance in favor of saving money. Often, this is because they have been misinformed about the way this type of coverage works. If you are currently renting without adequate protection, you should understand that you are vulnerable to a number of risks that could end up costing you more than you would ever pay for a policy. Below is the truth behind some of the most common misconceptions about renters insurance.
3 Renters Insurance Myths Debunked
1. My Landlord Has Insurance That Will Cover Me
No matter how much coverage your landlord may have, it’s not likely that it will protect you against liability claims or loss from an unexpected disaster. A landlord’s policy is intended to cover the building itself, but it doesn’t extend to any of the renter’s belongings inside.
2. My Belongings Aren’t Worth Much
It’s not uncommon for tenants to discount how much their possessions are worth. Even if you don’t own items of high value, once you add up the cost to replace everything in the event of theft or damage, there’s a good chance it will amount to more than you initially thought.
3. Renters Insurance Won’t Fit in My Budget
Renters insurance is one of the most affordable types of coverage. Monthly premiums are reasonable and will fit into most budgets. Additionally, rates can often be reduced further when a policy is purchased through the same provider as your life or auto insurance.
It only takes one disaster to prove the true value of renters insurance. The professional agents at Wilmoth Insurance Agency Inc. will help you find the policy most suitable to your needs. The company has been providing the residents of Cookeville, TN, with quality coverage at competitive rates since 1939. They offer a variety of personal and business insurance products, giving clients the convenience of one-stop shopping. Call (931) 526-6181 to request a quote, or visit their website to learn more about their services.