Renters

Common myths keep some renters uninsured

Three common myths keep some renters from getting insurance, according to the Independent Insurance Agents of America.

Myth No. 1 - Insurance is too expensive.
Some renters don't insure their personal possessions because they believe insurance is too expensive, but renters' insurance is typically available for as little as $150 to $200 per year for coverage starting at $20,000.

Myth No. 2 - My landlord's insurance protects me.
Many renters think they are protected under their landlord's policy. Usually, the property owner's insurance covers only the building itself, not a tenant's possessions. Clarify this with your landlord before signing a lease.

Myth No. 3 - My landlord is liable if someone trips in my apartment and is injured.
Again, the owner's policy may specifically exclude liability for something that occurs within your rented residence. You could be held liable for injury to another person or damage to another's property if the incident occurs within your rented residence.

A renters policy that costs you about $125 per year could qualify you for a package discount on your auto insurance.

As ironic as it sounds, you may save more money on your auto insurance than it would cost you to protect your $20,000 worth of personal property, supply $100,000 liability coverage for your family, and offer $1,000 medical payments to others. Is insurance strange or what?

Don't be caught off guard by the fact that somebody else owns the home you're living in.

• If you have items of value, such as jewelry, furs, musical instruments, cameras, antiques, or guns, someone could break into your home and leave you thousands of dollars poorer than you were before if you don't have a renters policy.
• If your apartment were to burn down, your landlord would probably have insurance to rebuild, but where would you start if you now had no clothes, furniture, or any other belongings?
• You finally found a landlord who allows pets! But, what if Fluffy is startled and bites the maintenance man when he comes in to hook up your air conditioner this spring? Can you afford it if he sues you?
• Your mother-in-law who is visiting falls down your stairs. A renters policy could supply some medical coverage for her (assuming you didn't push her).