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Three common myths about renters insurance

Roommates unpacking boxes

You’ve signed the lease, moved in your stuff and done some decorating. Your place for the next year is finally starting to feel like home. And while your new digs look great, no rental property is complete until it has one essential thing: renters insurance. We’re shedding some light on this often misunderstood, but critical coverage for anyone who calls a rental property home.

Myth 1: “I don’t need renters insurance because my stuff is covered by my landlord.”

Actually, there is a good chance your landlord’s insurance policy specifically excludes your stuff. That means if a pipe bursts, floods your living room and ruins your suede sectional, or someone breaks in and steals your new flat-screen TV, you may be on the hook to replace what’s damaged or stolen out of your own pocket … yikes.

Myth 2: “I can’t afford renters insurance because it’s too expensive.”

You might be surprised to learn that the national average cost for a renters policy is only $17/month.2 The average cost for a Horace Mann renters policy is even less at only about $14.50/month.3 But don’t be fooled by the low price tag – a renters policy protects more than just your prized possessions (keep reading).

Myth 3: “Renters insurance doesn’t cover that much, so it’s not worth it.”

A renters policy provides more protection than you may realize and often includes:

  • Personal property coverage to protect your belongings, such as furniture, appliances or electronics
  • Liability and medical coverage to help protect you if you’re found responsible for injury or damage to someone else or their property
  • Additional living expenses, such as the cost of a hotel room, in the event your place is uninhabitable due to a covered loss

Don’t overlook the importance of a renters policy no matter where you rent. Contact your Horace Mann representative for more information.

1. iii.org 2. Insurance.com 3. $14.50/month premium is estimated based on Horace Mann’s national average renters premium of $175/year as of June 30, 2019 Horace Mann Insurance Company and its affiliates underwrite Horace Mann renters insurance. The benefits listed are only general descriptions of coverage and do not constitute a statement of contract. Additional terms and conditions, as described in the policy, must be met for the coverage to be provided.