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3 Renters Insurance Myths Debunked

By May 24, 2018May 12th, 2021Uncategorized

If you have a home and a mortgage, chances are you have a homeowners insurance policy that covers the property and all of your possessions. But what about if you don’t own because you rent? Who is responsible for your items if there is a fire, flood, or another disaster? We’ll give you a hint: It’s not your landlord.

The benefits of owning a renters insurance policy in Philadelphia, PA cannot be understated. A recent study states that nearly 81 million Americans rent, yet more than half do not have renters insurance because they don’t see its value. Take a look at these three common renters insurance myths and the real truth behind them.

Myth 1: Renters insurance is too expensive.

Truth: A lot of people assume renters insurance is just as expensive as a homeowner’s policy, but in reality, renters can cost as little as $150 to $300 annually. Homeowners insurance in Philadelphia, PA, on the other hand, is almost triple that amount. What’s the difference, you ask? Renters insures the items inside of the building, while homeowners insures both the building and items inside.

Myth 2: My roommate has me covered under their renter’s policy.

Truth: It’s certainly possible to purchase a renters policy for multiple people that reside under the same roof, but it’s not advisable. What if your belongings cost more than your roommates? How will you split the deductible should a disaster occur? Moral of the story, it’s much easier to have your own renters policy that you can customize to meet your budget and personalized needs.

Myth 3: Renters insurance only covers my personal belongings.

Truth: Renters insurance covers so much more than your personal belongings. A comprehensive policy will take care of:

  • Furniture
  • Computer/Laptop Equipment
  • Clothes
  • Jewelry
  • Appliances
  • Personal Liability
  • Medical Bills
  • Temporary Living Expenses
  • And so much more!

If you’re interested in learning more about renter’s insurance, one of our experienced agents can help you decide which renters policy is right for your specific needs. Often overlooked, renters provides many benefits that far exceed how much you pay for it. Give us a call today at 215-375-7733 for a free quote!