Misunderstandings stop many renters from buying coverage they would benefit from. Here are five of the most common myths.
Myth 1: My landlord's insurance covers my stuff
False. The landlord's policy covers the building, never your belongings or liability.
Myth 2: Renters insurance is expensive
False. It typically costs $15-$30 a month, often less than a single streaming bundle, for thousands of dollars of protection.
Myth 3: I don't own enough to need it
Add up your phone, laptop, clothes, and furniture and most renters have $20,000-$40,000 in belongings. It also covers liability, which has nothing to do with how much you own.
Myth 4: It only covers my apartment
False. Off-premises coverage protects your belongings almost anywhere, including a stolen laptop or luggage on a trip.
Myth 5: All policies are the same
False. Actual cash value vs. replacement cost, liability limits, and deductibles vary widely. Always compare what each policy actually covers.