30 Gates Mill St. NW, Huntsville, AL 35806

Top Myths about renter's insurance

Top Myths about renter's insurance

Top Myths about renter's insurance

A lot of people believe insurance is meant for only those who own their homes and for the fact that a lot of these people are home renters, they never bother about insurance because they think it is not for them. But the truth is all those things that you and a lot of other people think about renter's insurance are pure misconceptions. Let us examine some of those myths and establish the facts.

1. "Renters Insurance is very expensive."

Most tenants of homes for rent in Huntsville, AL think getting a Renter's Insurance will cost them a lot of money, and for this reason, they do not bother about getting one. However, a renter's insurance is cheaper than a homeowner's insurance. You could check with your car's insurance provider to know the costs and rates.

2. "What I have is not worth getting insurance for"

You probably have no idea how much the things you own are worth when you put everything together. Your sound system, your Flat Screen television, your game console, computer and other things when put together can amount to a lot of money. All of these alone make getting a renter's insurance more worth it. You need to get it out of your head that you don't have much stuff.

3. "If my landlord already has insurance, I don't need one."

Your landlord only owns the house and not the things you have in it. So, if the building is covered, your belongings aren't covered by the insurance. Although, in some rare cases, your landlord's insurance may cover your loss, but you cannot count on your landlord going out of his way to help you get compensated. So, you should get your own renter's insurance.

4. "Natural Disasters are not covered by Renter's Insurance"

It is true that insurance does not cover disasters like earthquakes and floods but destruction caused by fire, heavy winds, lightning, hail, water damage from leaking pipes, civil disorder and vandalism are all covered by insurance. The first step to be sure is to visit an insurance firm to know what insurance will cover in your home for rent in Huntsville, AL.

5. "Renter's Insurance is generally not worth it and stressful to calculate."

You cannot be more wrong. Insurance is simple to figure out than you think. All it takes it a visit to an insurance company and ask questions on how to do the calculations. There is the Actual Value Coverage (AVC) which pays you the depreciated value of the asset lost if you claim a loss. There is also the Replacement Value Cost (RVC) which pays you enough to buy a close replacement to the asset you lost. It is better to go for Replacement Value Cost, but it is more expensive. Other factors that reduce your insurance costs are low-crime location and high credit score.

Convinced to get renter's insurance and wish to secure a home for rent in Huntsville, AL? Get in touch with The Moderne at Providence on 256 469 7077.

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30 Gates Mill St NW, Huntsville, AL 35806