There are more than 80 million Americans who rent apartments or houses as their homes. Often renters, especially college and grad students are in this group. Unfortunately, students and many other renters do not buy renters insurance, yet they would be better off with it. But, the three things renters insurance gives you—besides peace of mind—are protections for your belongings, liability risks and temporary living expenses should your rental unit become uninhabitable due to a covered event.

Why People Believe They Don’t Need Renters Insurance

There are many reasons people give for not having renters insurance. But unfortunately, most are myths. Let’s take a look at three of the most common myths about renters insurance.

Myth #1: “My folks have homeowner’s insurance and it’s too expensive.”

The truth: Renters insurance costs a fraction of what homeowner’s insurance does. The reason for this is a homeowner’s policy covers the cost of the building and what is inside, but a renters policy only covers the stuff inside the property. The building structure itself should be insured by the property owner.

Myth #2: “The landlord has an insurance policy, so I don’t need one too.”

The truth: Of course your landlord has insurance. It’s the owner’s policy to protect him from losing his investment due to fire or natural disaster. But, it only covers building contents that belong to the owner of the building. Your belonging are up to you to protect.

Myth #3: “I have a roommate and she/he has renters insurance, so why should I bother?”

Unfortunately, most carriers won’t cover you if you’re not listed on the policy. It’s a good idea to check with your roomie to find out whether or not the policy covers you. Sharing the insurance has some drawbacks, so you may wish to get your own policy.

Talk to a qualified insurance professional who writes renters insurance and find out more about the benefits of having a policy.

Learn what your coverage can do for you. Call Coverage Plus Insurance Agency at 408-626-7800 for more information on California renters insurance.