Purchasing a new home can cost, on average, more than $450,000 – a high price tag for most Canadians. Because of this, many individuals are opting to rent long term, which often requires them to purchase renters insurance in order to protect their belongings. But, many people are under the impression that renters insurance isn’t really necessary. The three myths listed below are some of the most common misconceptions individuals have regarding the necessity of renters insurance.
Myth 1: Renters insurance only covers personal belongings.
When fire or water damage occurs in one rental property, it can impact nearby units. Renters insurance protects the individuals in the other units from taking on any costs. In addition, renters insurance typically offers liability protection to cover medical or legal expenses associated with accidents that occur on a property.
Myth 2: Renters insurance is expensive.
The cost of renters insurance can vary, but most individuals will pay less than $20 a month for complete coverage. This is cheaper than most other types of insurance.
Myth 3: Renters insurance is only for those with many valuable.
Often, people underestimate the cost of replacing personal items that are lost due to theft, fire, etc. Experts say that a renter living in a two-bedroom apartment could have an average of $30,000 worth of belongings.
Renters insurance policies are not all made the same. Before purchasing renters insurance contact Terry at Scrivens Insurance and Investment Solutions in order to find the plan that best fits your specific needs: 613-236-9101.