If you are a family or individual who does not own your home, we strongly suggest that you consider obtaining a renters insurance policy. We discuss renters insurance with our clients on a daily basis, and these are the three most common misconceptions about a renters insurance policy:
My landlord already has insurance.
True, your landlord already has insurance. But that insurance is meant to protect your landlord’s investment: the building. It doesn’t protect any of your personal belongings. In the event of a fire, they’re probably covered. Unfortunately, you are probably not. Unless you have renters insurance.
I don’t have that many personal belongings.
Clothing, shoes, furniture, kitchen items, children’s toys — it all starts to add up. In the event of a fire you might need to replace all these items at once. Renters insurance helps to provide coverages to replace these items in the event of a covered loss.
It’s too expensive.
Renters insurance typically costs between $150 and $200 for a year-long policy. Not only that, but it can usually help you save a pretty penny on your auto insurance. In many cases, the combined cost of renters and auto insurance is less than the cost of auto insurance on its own.
Interested in renters insurance? Oak Grove Insurance can help determine the right coverages for you.