What You Might Be Getting Wrong About Your Renters Insurance

an apartment complex

What You Might Be Getting Wrong About Your Renters Insurance

Whether you are renting an apartment, a duplex or a house, it’s wise to obtain a renters insurance policy. Not only are rental homes just as likely to sustain fire and theft losses and their owned counterparts, but tenants should protect their belongings and finances, too. A renters insurance can cover you in many ways. Here’s what you might be getting wrong about renters insurance coverage.


Your landlord is not responsible for your belongings.

Even though you pay your landlord rent, it doesn’t mean that you are covered if an unexpected event occurs. The owner of the building is responsible for insuring the structure. That means if the house or apartment burns down, the landlord’s insurance would pay the cost to rebuild the property. However, their insurance will not pay for your destroyed personal property. In a case of loss, you either have renters insurance to replace your belongings or you pay out of your own pocket.


Your items cost more to replace than you think.

Even if you don’t have a lot of belongings, take a moment to think about the value of belongings around you right now. Do you have a computer? TV? iPad? Clothes? Furniture? If you had to replace everything in your household at once, what would your total replacement cost be? Do you have enough money on hand to cover it all? A renters insurance policy can step in to help during these hard times.


Your roommate’s property is not your property.

If your roommate’s belongings are damaged, lost, or stolen, he/she cannot turn to your renters insurance policy for help. Unless he or she is a named insured on your insurance plan, they will be on the hook for covering associated expenses of a peril.


Should you be considering renters coverage? When you’re ready to secure reliable renters insurancetalk to the team at Dougherty Insurance. We can help you find the right coverage you’re looking for.

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