It’s common for people not to get renters insurance if it isn’t required for where you rent. But all properties are susceptible to damages, whether it be a fire, theft, or even just a broken appliance. People don’t realize just how costly it can be to refurbish their home without a renter's insurance policy.

Myth #1: “I don’t have enough stuff to need renter’s insurance.”

A common reason people avoid buying renters insurance is that they think their belongings aren’t worth the cost of purchasing renters insurance. Many renters underestimate the value of their possessions, but you would be surprised on how much it costs to replace the items that have been accumulated over the years.

Some people only consider their big ticket items when they are thinking of what will need to be replaced, like their electronics, but there is so much more than that to consider. For example, in your bedroom there isn’t just your television and your bed, but also your clothes, dresser, end tables, and so on. An average renter has about $30,000 worth of stuff in their home.

Myth #2: “My landlord will cover property damages.”

Renters believe that their landlord’s policy will cover their belongings if a disaster were to occur. However, that isn’t the case. Your landlord’s policy will only cover things like structural damages, not the content or belongings within the property.

Even if your landlord does own appliances within your rented home, they are not responsible for the damages these appliances inflict on your personal property. Let’s say that you just bought groceries that you put in the fridge your landlord owns, and then that fridge breaks down. All of those groceries that are now spoiled would need to be replaced, but your landlord would not be responsible.

Myth #3: “Renters insurance only covers my personal belongings.”

Renters insurance doesn’t just cover your personal belongings. It can also cover accidents that can commonly occur. Let’s say you accidentally leave on the sink and it overflows into your neighbor’s apartment. This might end up being some costly damages that you would have to pay for. However, if you have insurance, it could help cover those unexpected costs.

This type of liability protection can also cover medical and legal expenses that happen in your home. If you have people over at your house and one of them hurts themselves by tripping over a box you left out, you may be reliable for those expenses. A typical renter’s policy can cover a full range of expenses.

Myth #4: “Renters insurance is too expensive”

It isn’t a large, monthly cost that you have to make. In reality, renter’s insurance costs about the amount of getting a pizza delivered to your home. For less than $20 a month, you can protect your personal property. Premiums can vary, but on average, renters can expect to pay just about fifty cents a day for their policy.

There are many reasons you should have renter’s insurance. It keeps you protected from the unexpected things that can occur within your home. You can’t always prevent these disasters, but you can prepare for them.