Misconceptions About Champaign County Renters Insurance

Misconceptions About Champaign County Renters InsuranceRenting has become an increasingly popular residential situation in America. Authorities estimate that over one third of the American population reside in rented dwellings, yet few renters are fully protecting themselves and their assets from unexpected losses. According to survey data gathered by the Insurance Information Institute (III) from 2014, 95 percent of American homeowners had homeowners insurance, while only 37 percent of renters secured the necessary renters insurance to protect their personal properties. Which means that 63 percent of American rents, would face the financial burden of property damage, loss, and theft, in addition to a myriad of liability claims.

Why do so few renter’s purchase the vital property insurance they need? The answer has a lot to do with common misconceptions and misinformation surrounding renters insurance. Champaign County renters often mistakenly believe that taking out insurance for their personal belongings is either unnecessary or too expensive. Here are a few commonly held beliefs about Champaign County renter’s insurance and the truth behind them.

  • Landlord’s Coverage will Protect Tenant Property. While many renters believe that if their landlord has insurance coverage on the property that they are living in, then the tenant and their property are protected from fire, weather and other hazards. However, the truth is that a landlord’s insurance coverage is designed only to protect their assets, such as the physical structure, appliances and other owned properties.
  • Renters don’t have enough personal belongings or valuables to need insurance coverage.It is not uncommon for renters to underestimate the value of their belongings, from the furniture to clothing, entertainment systems, appliance, collectibles and other properties. While they may not seem like much on their own, these items add up rapidly, especially when faced with replacing them all at once.
  • Renters insurance only covers personal belongings.While property coverage is a huge component of Champaign County renter’s insurance, it is not the only risk exposure these policies are designed to protect against. Renters insurance also offers liability protection should a renter be responsible for damage or injury to another party. For example if a renter experiences a flood in their apartment they could be responsible for damages to the unit as well as damages to other tenants’ property.
  • The cost of renters insurance outweighs the benefits.Unlike other personal insurance lines, Champaign County renters insurance is often extremely affordable. The average annual premium for renter’s insurance in Illinois if only $171, or $14.25 a month, which is even less than the national average of $187 a year.

At Myers Insurance Group, we provide affordable, comprehensive renters insurance to Illinois residents, offering several options when it comes to coverage, amounts, deductibles, and other key factors. Our Illinois insurance agency proudly serves all of Champaign County, including Champaign, Urbana, Savoy, Tolono, Philo, Sidney, Mahomet and the surrounding areas. To learn more about how we can help you with your personal insurance needs, contact us today at (855) 534-5707.

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