Insurance is about managing risk. Insurance companies use sophisticated algorithms to determine how
risky each of us is, and they price policies accordingly. That's why smokers pay
more for health insurance and bad drivers pay more for car insurance.
Still, insurance can be confusing
and aggressive sales agents only make the problem worse. To help clear things
up, we're debunking some of the most pervasive myths about different types of
insurance.
Renter's Insurance
Myth: Your landlord's insurance will cover your stuff if something happens to the building.
Your landlord has building insurance, but the coverage does not extend to replacing your stuff. That's your responsibility. Don't expect someone else to pick up the tab if your property is ruined or stolen. That's what renter's insurance is for.
Important Fact : Coverage
Renters insurance can provide coverage for items and incidents inside and outside of an apartment or rental house. Renters are usually aware that belongings stolen from their homes could be covered by renters insurance, but fewer may be aware that items stolen from their vehicles could be covered as well. A renter whose child floods an apartment bathroom by leaving water running in a bathtub would likely end up paying out of pocket for the damage caused by the incident without renters insurance. That's because landlords' insurance policies usually cover damage to their buildings if the damage isn't caused by a tenant.
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