It’s easy to forget about renter’s insurance. The premiums can seem like an unnecessary expense, and when you’re first moving in, one more bill is the last thing you want.
However, don’t blow it off. Getting Grand Rapids renter’s insurance can be one of the best ways to financially protect yourself. Unfortunately, less than 1/3 of tenants take advantage of it.
So, let’s tackle some of the myths around insurance, and show how helpful the right coverage can be.
Myth #1: Your Landlord’s Insurance Covers You
Many renters believe that their landlord’s insurance will help them in case of emergency. They think that if something crazy happens (like a tree falling on the house), their belongings will be paid for.
Unfortunately, your landlord’s insurance is built to protect THEM, not you. So, if something catastrophic happens to your stuff, you’re on your own.
With Grand Rapids renter’s insurance, you can be reimbursed if your things get damaged or stolen. Otherwise, you’re paying out of pocket.
Myth #2: The Landlord is Responsible for All Injuries in the Unit
Imagine that your TV crashes down to the floor. Unfortunately, it breaks someone’s foot when it falls, and they don’t have health insurance. They need to collect from SOMEONE to cover their medical bills. Who is liable?
We are not attorneys, but there’s a good chance that your landlord isn’t responsible. If you have the right coverage, your renter’s insurance will pay the bills. Medical costs can get very expensive… don’t let an accident send you to the poorhouse.
Myth #3: The Landlord is Responsible for all Fire Damage
If there is a fire that damages your property, you can bet there’s going to be an investigation. Depending on the source of the fire (and the wording of the lease), you might be liable for ALL the repairs on the property. Fire remediation is not cheap – you don’t want to foot the bill!
Even if you aren’t liable for the structural repairs, smoke and water damage is very hard to recover from. Again, having the value of your belongings covered is an excellent perk.
Myth #4: Renter’s Insurance Doesn’t Cover the Big Stuff
Insurance is especially helpful during big emergencies. For instance, what if your home is seriously damaged, and you need to stay in a hotel while the repairs are completed?
You could easily be out several hundred dollars for the room, food, and more. With the right coverage, this would all be covered.
In addition, you can protect your most valuable items. If you have some nice jewelry, a great computer, or an amazing mountain bike (just to name a few), you can add ‘riders’ to your policy to specifically cover the value of these items. If you’re stressed about replacing an expensive item, this can help you feel much more secure.
Myth #5: It Costs A Ton
Grand Rapids renter’s insurance doesn’t have to be expensive. We’ve seen policies as low as $7/month, and as high as $40. The national average is something like $15/month. The overall cost varies based on your coverage, so you can customize a plan to fit your budget.
For the peace of mind it provides, the cost is pretty low. It is certainly much cheaper than replacing everything you own out of pocket.
Renter’s insurance is available through just about every major provider. If you already have auto insurance, you can ask the company about adding it on. Otherwise, you can shop around to find the right plan.
So take a look, and sleep easier!