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9/25/2012 - Three common renters insurance myths

Renters should not rely on a roommate's insurance.

With renting in high demand, renters insurance can be an important thing to have in place, as it can help tenants recover their losses should they endure a severe weather event or if their unit is broken into. But as recent polls indicate, not all have this type of insurance protection, despite it being quite inexpensive. This can result in limited knowledge about what these policies provide for.

To help individuals separate what's fact from fiction, here are a few common mischaracterizations about renters insurance.

Myth #1. I don't need renter's insurance because my landlord has coverage.

While the person who owns the building may be covered, this type of insurance protection typically relates to the building itself. In other words, should there be a fire, the structure of the unit is provided for under a property insurance policy. The same can't be said for the belongings that are inside. A renters insurance policy can satisfy this need, as a typical plan covers expensive belongings such as electronics and furniture.

Myth #2. I don't have renters insurance, but my roommate does. I'll be able to rely on it should something happen.

In many instances, renters insurance policies are restricted to one individual, though there are some exceptions, such as if renters are married or if two people make it clear that they would like to buy a joint policy. Insurance experts caution, however, that should a joint plan be considered, the owners of the policy should be clear about the value of the belongings that are covered and who will be responsible for assuming control of the policy should a claim ever need to be filed or if a change is necessary.

Myth #3. The costs of renters insurance outweigh the benefits of having one in place.

People often assume that worst case scenarios never happen to them. For the most part, however, accidents can occur at any time and often take place when they're least expected. This makes renters insurance a good thing to have. Not only are the plans affordable, but they generally provide for a variety of potentialities, such as a break-in, damage that's inadvertently caused after a party, a weather catastrophe or certain utility issues, such as if the pipes burst when it's especially cold outside.

To learn more about a renters insurance policy from Selective, click here.

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