Below are common renters insurance myths and truths:
Myth: A landlord’s insurance policy will cover a renter’s personal belongings in the event of fire or theft.
Truth: While a landlord’s insurance policy will likely cover the dwelling and infrastructure of that dwelling, that coverage typically does not extend to the possessions owned by the renter.
Myth: Renters insurance is expensive.
Truth: On average, renters insurance costs less than $20 per month.
Myth: Renters insurance coverage is limited.
Truth: A renters insurance policy typically provides coverage for the loss or destruction of personal belongings in the event of a covered peril such as:
Renters insurance may also provide coverage if:
Based on Nationwide claims data, the following were the most common renters insurance claims submitted by its members in 2017:
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