The requirement of renters insurance can seem daunting at first, and even unnecessary, if you believe these myths.
Let’s take 5 common beliefs or myths about renters insurance. 
My roommate owns and lives in the house, therefore my stuff is protected. False.
- Your roommate would carry a homeowner’s policy, which would cover all items belonging to them.
- Your rent a room/space in their home. Your belongings (furniture, clothing, stuff, etc.) are not your roommate's stuff.
- To protect your belongings, a renters insurance (also called tenant insurance) is required.
Renters insurance is too expensive. False.
- Most renter insurance policies are economical and budget friendly.
- While there are several options available, depending on the insurance company, most annual premiums average around $200. That is less than $20 a month!
- Just think – simply choosing to to not eat lunch out for a days and you have saved enough to pay for your renters insurance each month!
My landlord/apartment complex will pay for my stuff. False.
- Only if your landlord/apartment complex was negligent or responsible for the damage to your apartment, rental house, or your belongings, then yes, there may be coverage for your stuff.
- Depending on who is responsible for the damage caused, determines whose insurance pays.
- Common renters insurance claims:
- leaving a candle burning unattended,
- toilet overflowing water,
- theft
- injuries,
- and break-ins.
I do not have a whole lot of stuff in my apartment or my belongings aren’t expensive. False.
- One of two of your items may not be costly, but what if all of your belongings were burned or damaged?
- Renters insurance can help fund you enough to start over:
- to have the money available to get the basic items needed to start again
- typical basic furniture (sofa, chair, table, chairs, bed)
- typical appliances (stove, refrigerator, microwave, etc.)
- clothes
- dishes
- pots and pans
- flatware
- cups
- towels
- toiletries
- food, etc.
I can go to a consignment/thrift shop to replace items. True, but wouldyou? 
With a renter's insurance policy, there are two different coverage types to choose from.
Actual Cash Value Replacement. (replacement cost - total depreciation)
- New TV for $800.
- After 20 years, TV burns up in a covered fire.
- The expected life of the TV is 30 years.
- The insurance company will calculate the value owed to you, the insured, minus depreciation.
Replacement Cost.
- New TV for $800 (replacement cost)
- After 20 years, TV burns up in a covered fire.
- The insurance company would pay for the full replacement cost of the set or replace it with a like-kind of TV in today’s market.
Acquiring renters/tenants insurance may seem daunting at first, particularly when traversing it alone. Having an insurance agent to help talk through the coverage options available and customize a policy to protect you and your belongings, is the way to go.
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