Myths About Renters Insurance

Renters insurance policy are designed to secure personal belongings and also saves home owners from legal as well as medical expenses related to an accident in their house. But, many people still trust that buying this insurance is too costly or unnecessary. Below are some of the common misconceptions regarding this insurance product and tips on how to select the best plan:

Don't require insurance because I don't have more stuff

Each rental property is at risk to different damages, whether it is theft, broken kitchen appliances or fire. There isn't a situation in which a tenant should go without renters' insurance coverage. Some renters underestimate the value of their possessions and later would be shocked by how much these items would cost to replace the things they have accumulated. Even if you think that you do not have enough things to own coverage, then prepare complete inventory of your belongings before coming to any conclusion.

Generally, people have a tendency to consider only expensive items such as gadgets, jewelry etc when it comes to insurance, but actually it is much more than it. In kitchen, you don't have appliances only; your kitchen also accumulates dishes, utensils, towels etc. According to a detailed study, the average renter in a two-bedroom apartment has around maximum worth of stuff. Evaluating costs of your belongings is not abundant, it is more important to consider how much you value that stuff personally. In certain scenarios, how much renter care about his belongings may dominate cost in your decision to purchase a renters insurance plan.

Home owner will pay for property damages

Sometimes, home owners may have association with insurance companies in India to provide renters insurance policies to tenants which landlords own to protect their properties. In some cases, landlords switch their insurance plans from a basic homeowners' policy to a rental policy. This insurance not only covers the structure but also secures the contents or belongings. In case you required cover for that lost expense, the home owner would not be responsible for it. That expense would be a part of renters insurance.

Secures Only Personal Belongings

Remember that accidents or any other damages in other's properties can be expensive. Only this insurance can secure you against such situations and support you to cover those unexpected costs. Like, in case sink overflows and water flows into the apartment below and damaging furniture of your neighbor, then this policy will compensate the damage up to its liability limits. The liability protection may also cover legal and medical expenses related to your house.

It is too costly

People have misconception homeowners insurance plans are too expensive to afford. Landlord can also save some handsome of money by comparing different insurance policies online offered by various insurance companies in India. The cost of this policy is worth it to protect your personal property. Premium amount can differ between area, insurer and person himself. In fact, policyholders can save some more money by purchasing renters insurance from your current insurance company in India.