Three Myths About Renters Insurance

A homeowners’ insurance policy does not cover tenants. As such, if you are renting a room, apartment, condo, townhome, or house, you need to purchase a renters’ insurance policy. Here at Community Management Insurance Group, serving the greater Greensboro, NC area, we have heard many myths about why renters insurance is not needed.

Here are three of those myths and the truth about each of those myths:

Myth 1: I Only Rent a Room. I Don’t Need Renters Insurance

One of the first myths surrounding renters insurance is that you do not need a policy if you are only renting a room. If you are renting a room or living with roommates in a rental property, you still need renters’ insurance. These types of policies are not solely for individuals renting out a whole home or apartment. They can only cover you and your belongings in a shared space.

Myth 2: Renters Insurance is Expensive

Another common myth about renters insurance is that renters’ insurance policies are expensive. The average cost of renters insurance is just $15 per month. This makes renters’ insurance affordable for renters in all types of financial situations.

Myth 3: Renters Insurance Only Covers My Belongings

The final myth pertaining to renters’ insurance is that it only covers your belongings. This is not true. Renters’ insurance can pay for your living expenses for a period of time if your rental becomes uninhabitable. It can also help to cover costs if you accidentally cause major damage to your unit, such as starting a fire or causing a flood in your rental home. 

We Are Here To Help

As a renter, you should always purchase renters’ insurance. If you are looking to purchase a new policy, Community Management Insurance Group, serving the Greensboro, NC area, would love the opportunity to assist you. Call us today and let us help you get the coverage you need.