Myths About Renters Insurance

You spend a lot of time, energy, and money filling your living spaces with things to make it feel like home. It’s more than just where you live; it’s where memories are made and life unfolds.
Renters insurance offers the protection you and your belongings deserve. Yet there are many misconceptions when it comes to renters insurance and its value. We are here to debunk some of these common myths.

Myth #1: I don’t have enough valuable personal items to need insurance coverage.

Truth: Things add up quickly! Think about how much it would cost to replace everything you own. Even if you have minimal furnishings, could you afford to replace everything out of pocket? Renters insurance is here to help with that! Electronics, appliances, and clothes are all large expenses that may be protected under your policy.

Myth #2: My roommates have renters insurance so I am covered.

Truth: Your roommates’ policies typically only cover their things, not yours. Having your own policy means independence from fearing the unexpected.

Myth #3: My landlord’s insurance covers my belongings if they are stolen or damaged.

Truth: Likely, your landlord’s insurance policy only coves the physical building, not what is inside. If something is stolen or damaged, it is up to the tenant to replace it.

Myth #4: Renters insurance only covers personal belongings.

Truth: Renters insurance is so much more! Depending on your unique policy, it can also cover property damage, liability and medical coverage, and loss of use protection.

Myth #5: I can’t afford renters insurance.

Truth: Renters insurance can be incredibly affordable. We are passionate about finding the right policy for you.

IBA is redefining how insurance works for you. We discuss each portion of your policy so that you truly understand your options and get exactly what you need to protect your property, and nothing that you don’t.