Many renters falsely believe that homeowners only need insurance. Remember that paying rent instead of a mortgage shouldn’t make your personal possessions any less valuable to you. If your belongings become damaged, destroyed, or stolen, or in the event that someone should suffer an injury while in your home, Orlando renters insurance can provide the protection you need.
Most renters also fail to understand that they need protection for liability issues, too. In fact, the important part of your renter’s policy is liability coverage, which often includes coverage for legal defense costs as well.
Common myths that many renters believe to be true
Many renters estimate, and falsely so, that insurance is too expensive. Most fail to insure their personal possessions because they believe that the insurance is just too expensive. However, most renters’ insurance policies are typically available for as little as $250.00 a year.
Another myth is that the insurance carried by the landlord offers any needed protection. Many renters think they’re protected under their landlord’s insurance policy, but in fact, the property owner’s insurance covers the building itself and not the tenant’s possessions. You may want to clarify this with your landlord before signing a lease.
Finally, renters mistakenly conclude that their landlord is liable if someone trips while in their apartment and gets injured. In most cases, the owner’s policy will specifically exclude liability for something that occurs within your rented residence, which means you could be held liable for injuries to another person or damage to property belonging to someone else if the incident occurred within your rented residence.
Renters insurance really is essential coverage
Renters insurance offers the same general personal property coverage and liability protection as a homeowner’s insurance policy and covers the cost of repairing or replacing personal property, plus your property is covered both within your home and when you’re traveling. For example, if while moving a dresser from one area to another you cause damage to the floors or wall of the apartment, you could be held liable, or if a fire starts in your apartment and spreads throughout the building, and you are deemed at fault, you could be held liable for damage to the entire building. These are the types of situations where Orlando renters insurance can get you out of a sticky jam or help you replace items you worked so hard to obtain.