Maybe you have opted out of protecting yourself with renters insurance because you don’t think your belongings are valuable enough to cover or because you think coverage for your Memphis, TN rental insurance will be expensive. The truth is, your renter’s insurance policy will provide you with significant protection in the event of a theft, accident, or disaster that damages your possessions. If you’ve been making excuses not to purchase renters insurance, you need to know fact from fiction in order to make an informed decision. The following are a few of the most common myths about renters insurance from the insurance experts at Keltner Insurance:

Renters insurance covers only my possessions. In addition to providing protection for your belongings, many basic renters insurance policies also provide liability coverage that protects you in the event someone sustains injuries in your home and may pay for their medical expenses and any legal fees you might face.

My personal property isn’t valuable. You would be surprised at the grand total of your possessions worth if you tallied them all up. When you add up your electronics, such as TVs, computers, and gaming systems, and your clothing, shoes, smartphone, kitchen appliances, and furniture, it would be very expensive to try to replace out of pocket all at once.

It’s too expensive. Plans are probably much more affordable than you think. In 2019, the average for a monthly renters policy in Memphis, TN was just over 60 cents per day — less than the price of a cup of coffee.

I’m protected by my landlord’s insurance policy. This is a common myth that stops many renters from protecting their assets and themselves. Most landlord’s insurance policies only protect the physical building you rent and any appliances or furnishings you rent, not your belongings. That means if a fire destroys your apartment or someone steals your television, you’re responsible for the cost of replacing them.

When it comes to protecting yourself and your property, it pays to know fact from myth. To find out more about how renters insurance can help you, give Keltner Insurance a call today.