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by Amanda Finerty on Dec 05, 2017


            After reading this excellent article about Renters Insurance By Jacquelyn Connelly on the ia Insight + Analysis for the Independent Agent website, it was evident I needed to share this great information with our clients.         

            Our goal is to always make sure you are properly insured. Even if you are not a Home Owner, protecting your Belongings and having Liability coverage is still necessary and this can be achieved through Renters Insurance.

Here are four common misconceptions consumers have about renters insurance:

1) If I have a loss, my landlord will cover it. “A lot of renters think, ‘I pay rent; therefore, I don’t need insurance,’” says Eric Narcisco, founder of Effective Coverage, a digital insurance firm focused on renters insurance. This is an easy myth to bust: In almost all cases, it’s simply not true.

2) I don’t have enough to insure. “A lot of renters think, ‘I just don’t have that much stuff—what’s the point of getting insurance?” Narcisco points out. “That’s obviously a fallacy.”

Narcisco knows firsthand—as he dealt with a fire back in 2002, which happened when he was living in an apartment in New Jersey. “I did not have insurance, and I lost everything,” he recalls. “I found myself living in the model apartment for a couple months, fighting with the landlord. It was a mess.”

And beyond simply covering contents, a Renters policy also covers personal liability insurance—something “that is often overlooked,” says Teresa Scharn, assistant vice president, personal lines product development at Nationwide. “This may be even more important for older renters who have amassed greater wealth which needs to be protected.”

3) Every Renters policy is the same. By and large, most Renters policies use traditional ISO HO-4 forms. But Narcisco says to watch out for minor nuances between policies—for example, “a policy by a well-known carrier may have a sublimit of $2,500 for firearms, and that same sublimit in a policy nobody’s ever heard of might be $500.”

In addition to the coverage itself, pay attention to the services surrounding the policy. “The level of service the customer can expect is important,” Scharn points out, citing valuable options like paperless billing and EFT.

4) It’s at least as expensive as auto insurance. Narcisco is consistently amazed at how often someone calls in to buy a renters policy and, when they hear the price is $125 for the year, respond, “OK, $125 a month—how do I get started?”

Many consumers are baffled by a quote that low, but the typical Renters policy costs $10-20 a month, or $120-240 a year. “Even if one company is 10% higher, that may only be $2 more a month to cover their personal assets,” Scharn says.

Renters is a rare line of insurance where our job as your Agent is “to provide the solution.” Let us provide you a Renters Insurance quote and make sure you continue to be provided the best possible coverage available. We look forward to working with you soon.

Thanks for Stopping By!

Gateway Gals



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