Questions About Renters Insurance

Renters insurance is not a well known type of insurance. Because of the lack of knowledge, people tend to have many misconceptions about why they may need renters insurance and what it actually covers.

Is renters insurance expensive?

Renters insurance is one of the least expensive kinds of insurance coverage available. For a couple hundred dollars a year, or $10-$30 a month, you can get a standard renters insurance policy.

Won't my landlord's insurance be enough to cover me?

Your landlord will have insurance on the property structure; such things as the walls, ceiling and floors. Your furniture and other possessions will not be covered on your landlord's policy. Renters insurance is needed for any of your personal belongings.

Will renters insurance cover my bike?

Renters insurance will not cover motorcycles; you will need an auto insurance policy for this. Coverage of dirt bikes and mopeds may differ with each renters insurance provider. A regular bicycle is however, covered under your renters insurance policy.

Sources

1. 4 myths about renter's insurance. Retrieved June 9, 2008, from http://realestate.msn.com/rentals/insurance.aspx