As of 2016, roughly 41% of renters claimed to have renters insurance. That number represents a steep boost over just 29% when the question was asked in 2011.
So is getting renters insurance the right move for you?
As it turns out, there are a lot of myths surrounding average renters insurance. In order to help set the record straight and better inform you, our team at Amistad Insurance Services have put together this list of 3 of the top renters insurance myths and the truth behind them.
1) Renters Insurance Costs Too Much
Anybody who says that renters insurance rates are too high hasn’t shopped around enough. Either that or they haven’t adequately taken into account the value of their property.
A quality renters insurance policy can cost less than $10.00 a month. Compare that cost to what you’d be on the line for if a theft occurred in your home or if you accidentally set off your rental unit’s sprinkler system ruining the carpet.
When comparing the average cost of renters insurance policies with the amount of coverage they can provide, you’ll find that they don’t cost much at all.
2) Renters Insurance Is Not Comprehensive Enough to Justify the Expense
Renters insurance comes in many shapes and sizes which is why you need to shop around to find the best policy. If you’ve done your homework and found a quality policy backed by an excellent insurance company, you’ll find your renters insurance can be very comprehensive.
Renters insurance can safeguard your personal property. That means if your belongings get stolen, damaged due to a water leak or a house fire, a typical renters insurance policy could protect you.
Renters insurance can also protect you against liability claims that happen in your home. Did you know that if one of your guest’s slip and fall in your kitchen you could be on the line for their medical expenses? Renters insurance takes that burden off of your shoulders.
Bottom line, typical renters insurance can be comprehensive. In order to make sure it meets your needs, review policies you’re considering carefully.
3) The Odds of an Accident Are so Low That Insurance Isn’t Worth It
The idea of “it will never happen to me” costs Americans millions and leads some to financial ruin every year.
Think of not having medical insurance and getting hit by a vehicle. Think of not insuring your restaurant and it burning down.
Adversity occurs constantly and the odds of it happening to you may be higher than you think. On the subject of burglaries alone, millions occur every year in the United States.
If you fall victim, you’ll wish you had renters insurance protecting the things most valuable to you.
Summarizing Myths Surrounding Average Renters Insurance
The average renters insurance policy can save you thousands of dollars in hardship when adversity strikes. A policy can protect you from liability, property loss and at a small monthly fee.
To protect your future, we recommend investing in renter’s insurance today.
If you live in major cities in North Carolina such as Raleigh, Durham, Cary and Charlotte and are looking for a reputable insurance provider, look no further than Amistad Insurance Services.
At Amistad, we have been protecting clients from unexpected hardships for years. We’d like to do the same for you.
Get your free renters insurance quote with Amistad today by clicking here.