Myth #1: I can't afford renters insurance.
In all reality, renters insurance is very affordable. In fact, it's one of the most affordable forms of insurance on the market. The average cost of renters insurance is around $12 per month, based on $30,000 of property coverage and $100,000 of liability coverage. Compared to auto insurance and homeowners insurance, that's a bargain!
Myth #2: I don't have enough stuff to need insurance coverage.
While you may not think you really have anything worth insuring, think about if you lost everything. How much would it cost to replace your clothes, furniture, electronics, small appliances, kitchenware and more? Even if you stuff isn't all that expense, those little items add up fast! The average renter of a two-bedroom apartment has about $30,000 worth of belongings. Most renters don't have that much cash lying around to replace what they need.
Myth #3: My landlord will cover any property damages.
Typically, your landlord's homeowners insurance will only cover the building, not your contents that are in that building or any liability. For example, if a burglar steals your laptop and you don't have renters insurance, you're out of luck. Also, if your mail carrier slips in the driveway or gets bitten by your dog, you could be financially liable for the damages. Your landlord won't be able to help you in either of these situations.
Myth #4: Renters insurance only covers my personal belongings.
Many people believe that renters insurance only covers personal belongings. However, most standard renters policies also have liability coverage. For example, if someone slips and falls in your home, your coverage will help with medical bills and legal defense fees. Some policies even extend liability beyond your property, but be sure to check with your insurance agent at the Lake of the Ozarks to see what your specific policy covers.
Myth #5: My roommate has renters insurance, so I don't need it.
While select policies may cover roommates, most renters insurance policies do not. Even if it does, there are a few good reasons to have your own policy. The main one being that the policies have both deductibles and limits. Would you split the deductible with your roommate? What if your stuff is more expensive than your roommates? You don't want to be arguing over these details after having lost all of your possessions. When the policy has reached it's limit, how do you decide what gets replaced and what doesn't? Having your own policy is the way to go!
If you have questions about renters insurance at the Lake of the Ozarks, give me a call at 573-348-2794. At Insure the Lake we offer all types of insurance to fit your needs. From renters to homeowners insurance, auto to health insurance, we've got you covered with the most comprehensive coverage at competitive prices!
Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs!
About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
FOLLOW US ON SOCIAL MEDIA