Renters Insurance Myths, Busted

January 1, 2017
Renters

The worst myth about renters insurance is that you don’t need it. You might never need to use your plan, but if you do, you’ll be glad you had a safety net. A renters insurance plan can save you potentially tens of thousands of dollars and give you the piece of mind knowing that whether you’re home or away, if something happens you’re protected.

There are several perceptions and ideas about renters insurance that simply aren’t true. Take a look at some of the common misconceptions about renters insurance; educating yourself is key when selecting a plan to protect yourself and your belongings.

Myth: Your landlord has insurance that will cover you.

Wrong! Your landlord’s insurance does not cover contents of your home; it covers the building and its major structural components and systems. It’s your responsibility as a tenant to insure your belongings. In addition, liability coverage will protect you in the event that your tub overflows into another suite, or your pet takes a nip at the neighbour.

Myth: Everything in your home will be covered by renters insurance.

It depends. Everything put on your home inventory will be covered, with a few exceptions. It’s important to add all items and continually assess your policy, especially when you make or are considering a major purchase. Some big-ticket items may require enhanced policy limits or an additional “floater” if they exceed your policy’s limit.

Myth: Students don't need renters insurance. 

False. Although students are typically the most strapped for cash, most plans are very affordable. Students should ask themselves the following question: Can I afford to replace all my possessions–textbooks, electronics, and personal belongings–if they were stolen or damaged? Talk to an insurance broker, you can likely find a plan that will fit your budget, and could potentially save you thousands of dollars and lots of stress in the event of theft or damage!

Myth: Renters insurance is too expensive.

False. As mentioned above, most plans are very affordable. For the cost of a few lattes a month from your local coffee shop, you can purchase a plan to safeguard your belongings, ensure peace of mind, and protect yourself against liabilities. The alternative to being covered by renters insurance–and paying an affordable monthly or yearly premium–in the event of theft or damage, is paying thousands or tens of thousands of dollars to replace items, fix damages, and cover liabilities. Moreover, it’s worthwhile to discuss money saving options, such as increasing your deductible, with your broker. 

For more information, check out our The Real Cost of Renters Insurance infographic.

Myth: Buying Renters Insurance is Complicated

False. Buying renters insurance should never be complicated. To start off, make sure to create a detailed home inventory of your belongings and their approximate value. After you’ve completed your home inventory, talk with your MIG broker to get started.

Despite the myths out there, purchasing renters insurance is far from complicated. In just a few simple steps, you can be on your way to plan that will ensure your belongings are covered and you’re protected from liabilities. If at any point you have questions or need assistance, at MIG we have LiveChat with brokers available at your fingertips. To learn more, check out our other renters insurance resources, or to get a quote, click here to get started now.

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