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The most common misconceptions about tenant insurance

Posted by Hayleigh Smith | Rentals

It’s said that renters often place tenant insurance quite low on their list of priorities, or don’t even add it to the list at all. This may come from some common misconceptions that often steer renters away from even considering purchasing a policy in the first place.

Below, we’ve gathered the most common misconceptions about renters insurance to not only debunk them, but to show the importance behind getting you and your new rented space covered.

“I don’t need insurance, my stuff isn’t worth a lot”

One of the most common reasons as to why renters don’t want to purchase tenant insurance is because they believe their belongings aren’t valuable enough. Well, we’re here to tell you that they’re worth more than you think!

Let’s say a fire had started in your apartment from a stove top you forgot to turn off, destroying nearly everything from the kitchen to the living room. That means your television, your furniture, your new area rug, your laptop, your clothes, and more were burnt to a crisp. Added all together, that would probably be a lot of dough that not many people have lying around (although one can dream). In such a case, your tenant insurance policy would have your back to cover the cost of repairing or replacing your damaged items.

“My landlord will cover me if something happens”

Renting out an apartment or condo unit usually means a lot of the responsibilities you would have as a homeowner don’t apply to you. You typically have a landlord that takes care of home maintenance and ensures the premise is both safe and habitable. Due to the belief that landlords cover ALL situations; renters feel as though they don’t need the extra protection insurance provides. Unfortunately, the truth is that most landlords won’t cover many unforeseen accidents.

For example, if you accidentally overflowed the bathtub causing water damage to your unit, any costs for these damages would typically be coming out of your own pocket, not your landlord’s. That’s where tenant insurance comes in, providing coverage for accidental situations that may not be covered by your landlord.

“My roommate has insurance, I’ll be covered under them”

Although you may live with them, a tenant insurance policy doesn’t usually cover roommates, unless they are stated as an additional insured under a policy agreement. If your roommate has a renters insurance policy and your name is not on the policy agreement, you and your belongings may not be covered in the event of an accident. Therefore, getting your own coverage is important to ensure your belongings would also be protected should something go wrong.

“Tenant insurance only covers my belongings”

You guessed it; this one isn’t true either. A renters insurance policy covers much more than just your belongings. A standard tenant insurance policy has three main coverages: contents coverage, personal liability, and additional living expenses. In short, coverage for your personal belongings, personal protection against lawsuits or claims, and coverage for expenses to live elsewhere for a period of time if your home is inhabitable due to an insured loss. Tenant insurance is designed to cover all sorts of situations that may happen while renting, that way you’re protected from a variety of unexpected situations.

If you want to learn more about what’s covered under a Duuo Tenant Insurance policy, check out this blog that tells you all about these coverages.

“Tenant insurance is too expensive”

This misconception is a common reason why renters don’t purchase a tenant insurance policy. With the pre-existing monthly payments renters already have, it can be hard to commit to spending money on protecting yourself against the unknown. With this in mind, Duuo has a price range of around $12-20 a month for a tenant insurance policy, making it a more budget friendly choice for renters looking for low-commitment insurance options. 

With all that said, we hope that we’ve shed some light on both the truth behind these common misconceptions as well as the importance behind getting yourself covered as a renter. 

If you have any questions about Duuo’s tenant insurance offering, send us an email at info@duuo.ca or strike up a chat with one of our licensed sales reps in our chat tool below!

About the author

Hayleigh Smith
Hayleigh is Duuo’s Content Marketing Specialist. When she’s not managing Duuo’s social media, writing blogs, and developing marketing content, you can find her sketching, practicing her tattoo skills, or listening to music!