We have often heard of home or auto insurance because we are required to have it in a majority of cases. But have we heard enough about renters insurance? It doesn’t get talked about as renters don’t believe it is necessary because there’s less responsibility and expense linked to rented properties.

According to the statistics by Insurance Information Institutes – a whopping 95% has homeowners insurance while only 41% of renters had renters insurance! Many folks who rent have many preconceived notions or misconceptions surrounding what renters insurance does and how it works. Suppose you happen to be among the renters. In that case, you need renters insurance from the best renters insurance in New York, which would be one of the most significant safeguards during unexpected incidents.

What Is Renters Insurance?

Renters insurance covers the renter’s belongings at times of theft, loss, fire, or other damage. You can choose a coverage that provides the best protection for the value of your property. The policies may also include coverage for personal liabilities when someone is injured, or someone else’s property is damaged within the premises of the rented unit.

Here are some common myths about renters insurance that we’ve debunked for you!

Myth 1: Your Belongings Aren’t Worth Insuring

Picture this – you just bought a new laptop, and it gets stolen out of your home or car. Or, the latest gym equipment you installed in a spare room is destroyed by a fire breakout from the apartment below. We understand that renters take their apartment as just an apartment they live in and not their actual home. Regardless, your belongings in it are still yours, and it would likely be costlier to replace your assets than what you can actually afford. Accidents do happen, and recovering from accidents isn’t that cheap! That’s why insuring your belongings through the best renters insurance in New York is worth it.

Myth 2: Landlord’s Insurance Has Your Personal Property Covered

Does your landlord’s insurance cover your belongings? Unfortunately, that’s not the case! Contrary to this assumption, there is a difference between insurances, and the landlord’s policy wouldn’t cover renters’ possessions. Remember, as a renter; you do not have control over what the tenants do within their units. But, you might end up paying for the loss caused by someone else. Therefore, while a landlord may have insurance for the property, it may not help you in times of damage, theft, or misplacement.

Myth 3: Renters Insurance Is Expensive

Agreed, at times, premiums of other types of insurance can be hefty on the pockets, but renters insurance is pretty affordable. In most cases, renters insurance costs the bare minimum per month, unlike other policies covering structures and land. It’s best to connect with the best renters insurance in New York to estimate your specific coverage.

Myth 4: The Possibility Of Something Happening Is Slim

Many people believe that they do not need any policy or coverage just because the chances of loss, damage, or anything happening are slim. But determining if an “uncertain” event will not occur is like preparing for the worst. Commonly, people are apprehensive about spending their hard-earned money on any insurance with such a belief. It’s like saying – “I do not require health coverage because I won’t get sick ever.”

Don’t let these myths abstain you from getting proper coverage. And if you’re looking for more information about renters insurance, look no further. Connect with Linx Brokerage today!