Whether you just moved into a new townhome, have been living in a rental property, or are just thinking about moving into an apartment, you will definitely want to consider getting renters insurance. Renters insurance covers your property against things like fire, smoke, theft, and windstorms.
You may think that once you rent your apartment or house, purchasing insurance should not be your responsibility anymore. This is one of the myths surrounding renters insurance and may be the reason why 57% of renters don’t have this important coverage. Unfortunately, that is not where the myths end. Let’s explore a few more you may have run into.
Myth # 1 “Renters insurance is an extra expense I don’t need”
Reality: Well, you’d be surprised to know that renters insurance is actually very affordable. Pennsylvania’s Insurance Department estimates that most renters insurance in the state costs only $15 – $ 30 a month, which is congruent with the national average cost; that is not too much when you compare it to the loss you could incur during a loss tragedy.
Also, when you bundle your auto insurance with your renter’s insurance, you can save even more money! And when your property actually incurs any damage from a fire or theft, you will be spending much less than you would without insurance. It will cover all of your belongings, including electronics, furniture, clothing, etc. Optional coverages are also available, including personal property replacement cost, identity theft, and home business coverage.
Myth # 2 “My roommate’s insurance policy will cover my possessions”
Reality: Though you and your roommate might share the rent and food, their policy typically covers solely their belongings, not yours. Also, having your own policy means getting customized protection that’s right for YOU!
What if there’s a theft and both of you lose all of your valuables? How would you split the deductible between yourselves? What if one person’s possessions are more valuable than the other’s? All of these are important points to consider when analyzing the option of getting renters insurance.
Myth # 3 “I don’t have that many items that need coverage”
Reality: In this age of technology, most of us own a smartphone, laptop, and various gadgets. But even if you don’t, what about your kitchen appliances or clothing? These items count as basic necessities.
Consider, then, if the unexpected were to happen… do you have the funds to replace everything you own? Renters insurance can help with that. It is much easier to think about it now than to deal with the ramifications of not having it. And we make it even easier! We’ll talk you through everything you need to know and answer all your questions. Feel free to get a quote at Gilmartin Agency or stop by any one of our 3 locations (Scranton, Pittston, or Lehighton).
Myth # 4 “Renters insurance only covers my personal belongings”
Reality: This may sound counterintuitive, but renters insurance coverage includes much more than that. It also provides liability and medical coverage, property damage, and loss of use protection, too.
Liability and medical coverage: If an accident happens and you’re held responsible for the damage to your apartment building or injuries to guests, liability coverage may help you pay for property damage, first aid, medical and court costs.
Loss of use protection: If your home gets damaged due to a covered loss like a storm, and you can’t live there anymore, loss of use protection can help pay reasonable expenses for a hotel room and food.
Myth # 5 “My landlord will replace my things if they are stolen or damaged”
Reality: Your landlord will likely only have property insurance and that covers only the building and not what’s inside. In the event of an accident, if something of yours gets damaged, it will be your responsibility to have it replaced.
Though not required, according to Pennsylvania law, an insurance commissioner will always emphasize the importance of renters insurance to consumers. Given the fact that people constantly plan holidays and travel around, leaving behind empty homes, it is but advisable to invest in a renters insurance policy that would cover your losses in your absence. So do the needful and contact Gilmartin Agency for the best quotes today!