For those individuals out there who are renting and are questioning whether or not Hawaii renters insurance is really necessary, it is. Too often do renters lose everything in a tragedy such as a fire, robbery, or other circumstances? Without renters insurance they have to start all over and are not reimbursed for any of their belongings. Renters insurance will cover an individual’s personal property and their personal liability. Obtaining this type of insurance will be a win, win for the purchaser and possibly the individual that they may become liable for.
No matter if this is your first time renting or you have been renting for many years, if you have not obtained any renters insurance now is the time to do so. Purchasing this type of insurance is not something that should be postponed, we are talking about a majority if not all of your personal items being insured if anything should happen to them. There are four main myths about renters insurance that causes individuals to not purchase it. The point of this article is to review the myths regarding renters insurance and hopefully inform individuals about just how important this type of insurance is.
The first myth is that individuals believe that their landlords are covered. A majority of the time the insurance that your landlord has will only cover any structural damage that has been done to the actual building. Unfortunately most of the policies that landlords have will not cover any damage done to the building if it was done by a tenant. An example of this is if you accidentally leave the water running and ruin your floor and the apartment that is underneath yours. If this type of situation happens, it will be you that will be liable not the landlord. Another example is if a fire occurs in your building. Your landlord’s insurance will only cover the repairs needed for the building; it does not cover any of the tenant’s personal property.
The next myth is that obtaining renters insurance is too expensive and would not fit into your budget. The average cost of renters insurance will range between 10 and 20 dollars. Individuals will be able to raise their deductible for a lower rate. In order to obtain a higher amount of protection individuals can choose to pay more money in order to get replacement-cost coverage. The reimbursement for replacement-cost coverage will be based on the most current replacement cost instead of the original value of the items.
Another myth regarding renters insurance is that you will never need it because the building that you’re renting in will never have problems with theft or any type of hazard. This should not cause you to not decide to obtain renters insurance because you never know what might happen and it is always better to be safe rather than sorry.
The last myth is that some individuals believe that they really don’t have any possessions that are high in value. It does not matter if you don’t pay top dollar for your items, but when you start adding up all the books, shoes, clothes, furniture, kitchen appliances, electronics, and everything else that is in your home you might be surprised to see just how much it ends up being. In the end it is always better to get something for your lost possessions instead of nothing at all and it is smart to always be prepared.
