What is it about us as human beings that leads us to be so mistaken about so many things? A lot of assumptions go around, and you may think you know the facts about a topic, like renters insurance, while actually having a lot of misconceptions.

That’s why looking up the facts is important, and that’s just what you’ve done by finding this article.

Renters insurance protects the value of your belongings when you rent a house, condo, townhome, apartment, or other dwelling. Here are seven important facts about renters insurance, including how much it costs and what it covers.

Renters Insurance is Affordable

Did you purchase a coffee this morning, or any day this week? A cup of coffee costs $2.00 at minimum, and $5.00 or more if you get a specialty drink. You probably didn’t think twice about it, either. After all, most of us need some caffeine in the morning.

Well, renters insurance costs on average $20.00 per month, or $5.00 per week, and it protects the value of your stuff at home. If your apartment gets burgled or there’s an accident at home, you’ll have little trouble replacing what someone stole or what ended up damaged. But wait, you may say. How much does renter’s insurance cover?

Renters Insurance Covers More than You Think

Although you’ll pay a low monthly premium, your renters policy covers your stuff against theft, storms, explosions, fires, vandalism, and even riots.

This is true whether the belongings are inside or outside your home, so long as you typically keep them at home, such as bicycles and other sports equipment. It can even cover legal expenses, give you financial protection if your pet damages someone else’s stuff, and pay for your living expenses if a disaster has displaced you.

It’s Worthwhile Even if You Own Little

Maybe you’re young and in your first studio apartment, or maybe you’re a minimalist and don’t have a lot of belongings. Still, what you do own is important and probably worth more than you realize. If there’s a disaster or a theft, you could be looking at replacing thousands of dollars, or tens of thousands of dollars, worth of furniture, kitchen appliances, clothes, books, and electronics. Since you own less than many, your premiums should be less than what most owe.

Your Landlord’s Policy Doesn’t Cover Your Stuff

Your landlord surely has a policy protecting the building you live in, whether you’re in an apartment complex or a house. That covers what they own, but it doesn’t cover your personal belongings.

Your Roommate’s Policy Doesn’t Cover You

This is an interesting one. What if you have a roommate and they’ve purchased insurance? By default, unless the two of you are related, it covers their stuff only. They could add you to their policy or you could get one together. You may also want to get a personal policy to cover your own things.

Renters Insurance Policies Have Limits

Read your policy carefully before you sign, and discuss it with the insurance agent. Some items may have payout limits depending on the specific policy. Make sure you get enough coverage for your belongings.

Renters Insurance Does Not Cover Self Storage

Finally, for self storage renters, it’s critical to know that renters insurance covers, at most, up to 10% of your policy limits for items in a storage unit, aside from prohibited items. A $5,000.00 policy will cover about $500.00 of your stored belongings.

We recommend you purchase a separate policy specific to self storage for the best coverage. When you rent a unit, the facility will offer you a policy. However, if you have purchased your own self storage insurance policy, you can show it to the facility management. With this done, you won’t have to purchase insurance from them. Note that what they offer is probably good coverage, though you can get more, and better, coverage by shopping for it yourself.

If you’re looking for a self storage facility near you, we can help. Check our listings, which cover the U.S. and Canada.