Renters insurance is an invaluable resource when the unexpected happens. However, many tenants forego the service due to misconceptions or because they feel it doesn’t apply to them. You should understand the truth about renters insurance so you can secure the necessary insurance coverage to protect yourself.

Debunking Myths About Renters Insurance

1. Items Have Low Value

This insurance isn’t only for high-value items. Renters insurance coverage applies to almost everything you own, which is probably worth more than you think. Clothing, school supplies, furniture, electronics, trinkets, and other devices are covered. Average plans also include $100,000 in liability coverage. You will have coverage if you suffer a break-in, fire, or another damaging event.

2. Coverage Is Minimal

Renters insurance doesn’t solely cover your belongings. This insurance also typically covers the guests’ belongings. If someone gets an injury on the property, liability coverage could pay for a portion of the expenses if you’re liable.

3. The Landlord’s Insurance Covers You

Rental property insurance isn’t the same as renters insurance. Your landlord’s plan only protects the apartment or structure. If a natural disaster occurs, their policy will cover damage to the home, not your possessions. The same goes for your roommates. Their plan only covers their belongings, which is why securing coverage for yourself is necessary.

4. Price Is too High

Perhaps the main reason renters pass on insurance is because they assume it’s expensive. However, these plans are affordable—sometimes cheaper than $25 a month—as well as customizable. An insurance agency will carefully assess your needs and then offer different prices to ensure you receive the coverage you need.

If you’re ready to explore insurance plans further, contact Northern Kentucky Home Insurance Company. This agency serves Alexandria, KY, and surrounding communities and offers many available policies. Families will find property insurance, farm insurance, homeowners insurance, and more. They also provide commercial insurance coverage, which you can explore on their website. Call (859) 635-2500 to schedule a consultation.