68% of renters don't have renters insurance, often based on misconceptions. Here are the five biggest myths keeping renters unprotected — and the truth that could save your belongings.
Myth vs Reality
- Myth: Landlord's insurance covers my stuff. Reality: It only covers the building.
- Myth: It's too expensive. Reality: Average $15/month.
- Myth: I don't own enough to insure. Reality: Average renter owns $30,000+ in belongings.
- Myth: It only covers theft. Reality: Covers fire, water damage, liability, and temporary housing.
- Myth: Filing claims raises my rent. Reality: Landlords cannot raise rent due to insurance claims.
At $15/month, renters insurance is the most undervalued financial product in America. It also provides $100,000+ in liability coverage if someone is injured in your apartment.
