2 Myths About Renters Insurance Policies

Delaware insurance

While homeowners are required to have Delaware insurance, about 60 percent of renters go without. Why would someone not purchase protection in case of damage or destruction? For many, it’s the myths that surround renters insurance. Here are two debunked.

Renters Insurance Is Too Expensive

You may already be paying for auto, life or health insurance, so why would you want to add another expensive policy to the list? In truth, renters insurance costs are less than other policies. In most cases, a renters policy will cost you less than $20 a month depending on your coverage limits and deductibles. Better yet, if you bundle it with your other policies, you may be able to get a discount.

If It’s Cheap, It Must Not Have Good Coverage

If it’s that cheap, it must not cover everything you need. Not true. Delaware insurance for renters covers your personal belongings such as furniture, clothing and electronics for actual cash value or replacement cost within the limits of your policy. It may also cover other people’s property that gets damaged in your home. Renters insurance usually covers liability and medical costs for anyone hurt on the premises, and if your home becomes uninhabitable due to a disaster, it often reimburses you for hotel expenses until you find a new place.

Renters insurance covers a variety of scenarios at a decent price, so don’t be afraid to buy a policy. When disaster strikes, it could help you return to normalcy more quickly.