Buying renters insurance is important to stay protected. However, many people think that buying renters insurance is a complicated process, and some people have misconceptions about coverage, which is why so many avoid or delay buying a policy. Once you understand the importance of buying renters insurance, you may be eager to take out a policy of your own.
Here are some myths about renters insurance you should be aware of:
“Coverage is Retroactive”
No, it is not. You can’t buy insurance to seek damages for incidents in the past. For example, if your house was robbed last night and you buy insurance today, the items that were stolen last night will not be covered. Therefore, it is essential to have renters insurance in place to stay protected.
“My Roommate’s Policy Will Cover My Stuff”
Unless your roommate is your parent, sibling, or spouse, or they are listed insured on your policy, they will not be covered. You both need different insurance policies.
“Renters Insurance Covers Structural Damage”
Renters insurance covers loss to your personal property. The structure of the building and fixed items like doors and windows belong to the landlord and will be covered under their landlord insurance policy.
If thieves broke in through a window, you will be reimbursed for the lost items according to your policy, but that window cannot be fixed under your policy because it does not belong to you. You must also note that your policy covers electronics only up to a specific limit. Because of this, you may want to consider an electronic endorsement to adequately protect your belongings.
Renters insurance is the best way of protecting your assets in case of a disaster, water damage, vandalism, and theft. For assistance with all your insurance needs and questions, contact the experts at Udell Family Insurance today. We are ready to assist you with all your coverage needs today.