If your building or rental home is damaged by a fire, severe storm, or vandalism, renters insurance will protect your belongings and pay for any losses. Unfortunately, less than half of all renters carry the coverage they need, due partly to common myths and misconceptions about these vital policies and why they’re so important. Here are some of the most common misunderstandings you might have heard about renter’s insurance.

4 Common Renters Insurance Myths

1. My Landlord Has Insurance

Your landlord’s property does have rental insurance, but these policies only cover the structure of the building itself. In most cases, your own property is specifically excluded, which means you could be paying for your own belongings yourself if a tree falls on the roof.

2. I Live in a Low-Crime Area

The standard renters insurance policy includes personal property protection that will compensate you for losses due to theft or vandalism. Break-ins occur in even the safest neighborhoods and, in fact, thieves often target these areas if they suspect the residents have let their guard down.

3. I Don’t Have Any Valuables, so I Don’t Need Insurance

While you may not have any expensive jewelry or high-end electronics, you probably do have furniture, clothing, kitchen utensils, and linens. Chances are, replacing all of your belongings would cost more than you can afford out of your own pocket.

4. Renters Insurance Is Expensive

Even if you understand the value of renters insurance, you might think the premiums would break your budget. However, this couldn’t be further from the truth, as most renters can get the coverage they need for just a few hundred dollars a year.

For 127 years, renters throughout Wisconsin’s Bayfield, Burnett, Washburn, Sawyer, Polk, Barron, Rusk, and Dunn counties have relied on Barron Mutual Insurance Company to protect their belongings and provide peace of mind. Because they’re a local insurer, the premiums you pay stay in the community, and every agent is a resident of the area. Visit their website for a closer look at the policies they offer, or call (715) 537-5141 to request a quote today.