Signing your first lease can be frustrating; throughout the process there are a lot of questions - some of which you maybe have never thought about. A storm of thought relating to policies, credit, and renter’s insurance are all now things that you’re thinking about when finding an apartment.

Renter’s insurance is the most overlooked item when signing a new lease. This coverage protects your personal property in a rental unit from unexpected circumstances such as theft, damages, fires, and more! Renters insurance will not only pay for your lost, damaged, or stolen property. It can also provide coverage if anyone is ever hurt in your unit.

Le’s look at a few common renter’s insurance myths:

1. "I'm covered by my property's renter’s insurance."

Nope, fake news.

Landlords aren’t required by law to provide their residents with renters insurance. Most of the policies that they do provide only protect 2 main things. 1) The physical structure of the building and your unit. 2) If someone should get hurt on the property (not inside of your unit). Additionally, there isn’t any coverage in their policies that require them to cover your personal belongings or any other liabilities within your unit.

For Example: If a pipe burst in your unit and ruins your computer and all of your clothes, without renter’s insurance, you’ll be in charge of replacing all of your items out-of-pocket.

2. "Renters Insurance is too expensive."

Did you know that the national average for renters’ insurance is actually only $5-$12 per month? Talk with a local insurance agent about a customizable plan, so that you can get the protection that you need. Even if you don’t secure your own policy, most student-focused apartment complexes offer an enrollment into a policy designed to keep you covered.

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3. "My stuff isn't worth insuring."

Think about everything you own in your current space -clothes, shoes, jewelry, watches, bookbags, bedding, TVs, air pods, laptops, schoolbooks, and any other thing you may own in your home. When it comes to securing a renter’s insurance policy, it is tempting to consider how much you’re paying, but what you should be thinking about is how much it would cost to replace it all.

So even if your laptop is a “hand me down” from a sibling or your parents, if it were stolen… would you be able to foot that bill up front for a new one? That replacement cost is what you should start considering.

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4. "It’s just my stuff."

So, about that…

Say you and your best friends, are all hanging out at your apartment, and you’re showing off your beloved brand-new Samsung Smart TV that you just mounted on the wall. When you mounted it on the wall, you didn’t use a proper stud finder, and the TV falls on one of your friends. Your friend must go to the hospital and get stitches on their forehead.

See, now it’s not just about your stuff, it’s about the $30,000 in medical bills that you’re now required to pay for your friend getting hurt in your unit. And again- remember that your landlord’s policy doesn’t cover occurrences that happen in your unit. You need to consider guests that could get hurt on improperly installed items, marketplace furniture, or a slip & fall accident. You’re legally at fault for the safety and well-being of your guests in your unit.

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5. "It takes too long."

We get it, especially when in college, you don’t have a lot of extra time. However, you can apply for renters’ insurance as soon as you know your unit number. Most policies only take 5-10 minutes to write and can even be completed online!

Take our advice and talk to a local insurance agent today, it’s better to be more protected from the unexpected.

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