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Texas Insurance Blog

Common Misconceptions About Renters Insurance

If you rent a home or apartment, you may never have thought about insurance. The truth is that it’s important to have coverage in the event of a disaster like fire, theft, vandalism, or water damage. Unfortunately, many people don’t have renters insurance because they have the wrong information. InsPeak Insurance in Arlington, TX is here to dispel some of the common misconceptions about renters insurance. 

Common Misconceptions About Renters Insurance

1. My Landlord’s Insurance Will Protect Me

Your landlord’s insurance will only cover the building itself, not your belongings. For example, in the event of a fire, your landlord’s insurance would pay to rebuild the structure, but your possessions would be lost unless you have renters insurance.

2. I Don’t Need Coverage If I Don’t Own a lot of Stuff

Even if you don’t own a lot of possessions, you could still lose everything in a disaster. A fire, for example, can spread quickly and destroy everything in its path. So, regardless of how much stuff you own, it’s important to have coverage.

3. Renters Insurance Is Too Expensive

The cost of renters insurance is typically very affordable, especially when you compare it to the cost of replacing your belongings. So, don’t let the cost keep you from getting coverage.

4. Renters Insurance Covers Everything

Renters insurance does not cover everything. For example, it does not cover damage caused by flooding. Be sure to read your policy carefully to make sure you are fully covered in the event of a disaster.

5. It Only Covers Personal Belongings

Renters insurance also covers liability coverage, which can help protect you in the event that someone is injured while on your property. Some also come with a loss of use coverage, which can help you pay for temporary housing if your home is damaged in a disaster.

Get Renters Insurance in Arlington, TX

Hopefully, this post has dispelled some of the common misconceptions about renters insurance. If you are still not convinced that you need coverage, be sure to speak with an InsPeak Insurance agent to find out how much it would cost you and what your policy would cover.

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