There are many myths that people believe are true when it comes to renters’ insurance. Surely, one of the most common myths we hear is, “I don’t need renters’ insurance. I’m protected under my landlord’s insurance policy.”
The truth is that a landlord’s insurance policy doesn’t cover tenants in many situations. And when you add up how much it would cost to replace all of your belongings on your own after a disaster or the cost of a liability lawsuit that was caused by a situation inside your rented home, the small monthly cost to have renters’ insurance just makes financial sense.
There are number of disasters that your landlord’s insurance policy won’t cover meaning you will be liable instead. Landlord insurance policies typically cover damage to the structure of the building and certain types of negligent situations, such as failing to treat iced sidewalks to prevent a slip and fall. Below are the 4 disasters covers by renters’ insurance: