Renters insurance can help protect your belongings as well as offer coverage for water damage, theft, and vandalism. Despite how important this insurance is, not everyone understands how it works.
Here are some of the renters insurance misconceptions you may have and the reality behind them:
Renters insurance doesn’t charge a costly monthly fee. Moreover, it will cover all your belongings, including your furniture, TV, computer, and even your clothes from the damage and theft. If you do not have renters insurance, you would have to pay for the damaged or stolen items. It’s good to shop around for renters insurance that you can afford.
Landlord Insurance Covers Your Property
Many people believe that their landlords’ insurance will cover the entire building and their personal property, but it will not. Your landlord insurance might cover the building you live in, but not your valuables.
Therefore, in the unlikely event of theft or damage, your landlord is not liable to pay for your personal belongings. Most landlords expect their tenants to have renters insurance.
Your Insurance Covers Your Roommate’s Belongings
Your renters insurance policy won’t cover your roommate’s belongings and their personal property from theft or vandalism. If your roommate wants protection, ask them to get separate renters insurance.
You can also opt for a joint policy that will cover multiple tenants. However, if you choose such a plan, you may have to pay additional charges, especially if your roommate owns highly valuable possessions. A joint policy can also be confusing if your roommate decides to relocate.
These are some of the misconceptions about renters insurance. Get the right coverage if you want to stay protected and safe in your home. Do you have additional questions about renters insurance? Contact the experts at the Scavone Insurance Center in White Plains, New York today. We are ready to help you with all your coverage needs.