Buying renter's insurance is a good way of ensuring that you don't find yourself in a financial quagmire if your personal items get damaged in or stolen from your rented house. It is unfortunate that, for one reason or another, many renters don't have this coverage. Here are some of the common reasons some people don't have renter's insurance.
They Believe It's Their Landlord's Responsibility
A few people haven't really thought about renter's insurance because they believe, at least in the back of their minds, that it's their landlords' responsibility to take care of such things. It is true that there is "landlord's insurance," however, there is a misconception on what it covers. Landlord insurance is strictly for protecting the financial interests of the landlord, which in this case is the actual property you are occupying. Renter's insurance, on the other hand, is for protecting your interests.
They Rely on Their Parent's Coverage
Some people, especially those who are relatively young and in school, believe that their parents' home insurance coverage offers them adequate protection. This may or may not be the case depending on the specific circumstances of the student. Typically, your parent's coverage only extends to your items if you are enrolled in a full-time course and stay on campus. You need your own coverage if you are staying in off-campus housing or are working part-time and studying part-time.
They Think They Don't Have Valuable Items
Then there are also those who know about renter's insurance but believe that they haven't amassed enough assets to warrant its purchase. You may find yourself in this group if you just have the usual stuff such as your clothes, laptop, cellphone, cutlery, beddings, books, jewelry…you get the message. Your belongings may look few or ordinary, but start adding up their values and you will soon realize that you need help to replace these things in case they are destroyed in a fire or stolen.
They Believe Their Apartments Are Safe
Lastly, you may also think you don't need renter's insurance because you live in a good apartment or secure neighborhood. What you should know is that renter's insurance is not meant for protecting you from certain risks; it is the unknown risks that you need to be worried about and shield yourself from by buying coverage. Who knows, one day you might forget to turn off the stove when running a quick errand and find your house engulfed in flames upon your return.
For more information, contact a company like Woodmansee Insurance Inc.
Share11 June 2018
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