For many years, many of us have come to believe certain things about renters insurance. The problem, however, is that some of the prevailing things that we have known are flat-out false. When you are renting, it’s very important that you know the truth about this type of policy. Perhaps, someone may have told you something about this type of insurance and it prevented you to acquire it. And it will really be unfortunate should something bad happen and how your Austin renters insurance may have come as a valuable help if only you weren’t blindsided by some false statement. To help you out, we’ve gathered three common renters insurance myths and tell you the truth about them.
Myth #1. No need to get renters insurance since you are covered by your landlord’s or roommate’s insurance.
It is known that apartment buildings are insured. However, you should know that your landlord’s insurance doesn’t cover your personal possessions. The policy only extends to the rental property itself and the any furnishings that are supplied by your landlord. Any possessions you own such as your TV, clothing, computer, cell phone and so on are excluded from the coverage. You need to get your own renters insurance austin if you wish protection for your personal effects.
And if you think that since your roommate was able to get insurance, it follows that you too are protected, well, you are wrong. Your roommate’s policy will only cover his or her own belongings. It doesn’t extend into yours at all. You may, however, purchase joint insurance, but doing so can lead to lots of complications when it comes to dividing the contributions and determining which one has possessions that are of higher value. So, better get your own personal policy.
Myth #2. My parents have homeowners or renters insurance, I don’t need one.
This myth is something that most college students have come to believe. True, your parent’s policy can get you covered while you live away from home, but there are certain scenarios wherein this agreement applies. First, you must be listed as a dependent on your parent’s policy. Additionally, you must also stay in a dorm room within campus premises. Once you choose an apartment off-campus, most likely your parent’s policy no longer takes effect.
Myth #3. Renters insurance is pricey.
This is not true at all. Renter’s insurance policies are not expensive. In fact, they are very affordable. You can even get a policy that will only require you to pay as low as $8-$12 a month. On an annual basis, that amount will only be about $100-$150. Of course, premiums will be a bit higher especially if you own lots of high-priced items. Nonetheless, you can still earn some savings if you bundle this with your other insurance policies.
About Author: Jane Laten is an expert in the insurance field sh has a wealth of knowledge and chooses to share that knowledge with the public so whether you need life insurance advice or advice about Austin Motorcycle Insurance, she can help you with all of your needs!