4 Myths about Renters Insurance Debunked

August 17, 2016


Renters insurance is too expensive. It’s pointless for college students. My landlord covers property damages.

Does any of these sound familiar? These are only a few of the common myths about renter’s insurance. Many of them will actually cost you tons of money in the long run if you don’t consume the right information now!

Here are 5 common myths about renter’s insurance that needs to be debunked!


Renters Insurance is too expensive

Renters insurance expensive? Never. The Independent Insurance Agents and Brokers of America states that the average price for renter’s insurance is only $12 per month, or $144 per year for $100,000 liability coverage and around $30,000 property coverage.

Talk about a steal right?

The price paid for renter’s insurance, which is already little to none, is nothing compared to the many benefits it gives you.


I don’t own enough valuables to need renter’s insurance

Did you know that the average renter has about $30,000 worth of valuables in their apartment? Do yourself a favor and take a quick inventory of everything you may have. Even the most basic household essentials can total up to thousands of dollars. Many people make the mistake of only counting big priced items such laptops, and technology and forget that little items can become pretty costly when compounded. Everyday items that can become costly can include; dish towels, dishes, utensils, rugs, furniture, clothing, etc. Count everything!


My Landlord will cover all property damage

There are good landlords who may partner with an insurance agency to offer their tenants some type of insurance. Even if that is the case, most of the time, any insurance the owner may have only covers the building itself. According to James Tungsvik, President of the National Association of Residential Property Managers, once someone acquires a rental housing unit, they change their insurance policies from traditional homeowner’s policy to renter’s insurance. That means it doesn’t cover the contents inside the building.


Renters Insurance only covers my personal belongings

Do not forget that when living in an apartment, you will be living above and/or below another tenant in the building. Therefore, if an accident that you cause in your apartment (such as your bath water overflowing) damages some of their valuables, your renters insurance covers that as well. It wouldn’t be nice to pay out of pocket for someone else’s belongings due to an accident.



Bottom line is…


You can’t afford NOT to have it

It takes just one event, whether it be; a theft, disaster, or fire to finally see the true value of having renter’s insurance. It doesn’t have to be renter’s insurance for you, it could be for a college student of yours moving into an apartment later this month. With the information given to you in this article, hopefully you allow us to stop you from making a very costly mistake.


Feel free to call in today at 217-345-7063 and speak with one of our specialists to find the right policy for you, or your college student whose moving into an apartment this August.

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