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Get Directions- My landlord has insurance, so I don’t need renter’s insurance
- The insurance your landlord has will only cover their own property. In short, it will not cover your personal belongings inside the dwelling, such as furniture, electronic equipment, and valuables. To cover these items, you need a renter’s insurance policy.
- Car insurance will cover me if my car is stolen, vandalized or damaged from hail or fire.
- Unless you have comprehensive coverage, you are not covered for any of these things. Any insurance policy will mandate liability, which pays only for damage you cause to others. You need to purchase both collision and comprehensive coverage in order to fully protect your vehicle from all types of damages.
- Standard home insurance covers flood damage
- Any standard home insurance coverage does not cover floods. If you live in an area that is prone to such situations and you feel you need it, you will have to buy additional flood insurance coverage.
- If my home is ever lost, my insurance company will reimburse me for whatever I tell them I owned has been lost.
- In the event of lost, home insurance company will ask you to make a list of everything you owned which includes all the specific details as to date of purchase, price, any serial numbers etc. Recollecting all these details would be difficult. The best thing to do is to have a home inventory already put together. Prepare a checklist, include photos, receipts, serial numbers. Make sure you make copies of it and keep it in safe place such as bank or friend’s place.
- All valuables, such as jewelry, furs, gold coins, and electronics will be covered in the event of burglary
- There are limits imposed on such valuables. Most insurance companies put a cap of $1500 on jewelry lost in burglary. If the jewelry is worth more than $1500, you should talk to your agent and schedule an endorsement on such valuables.
- My home insurance covers mold and/or other issues related to lack of maintenance
- A standard home insurance policy does not cover issues related to a lack of maintenance. Plumbing leakage and mold will not be covered under your home insurance policy. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft. Keeping your home well maintained and safe is your responsibility and your home insurance company will decline coverage for maintenance related claims.
- Auto insurance covers theft of your personal belongings from your car.
- Auto insurance does not cover the personal belongings you leave in your car. Only a home or renters insurance policy will cover your possessions in your car or on your person.
- Your friends and family members are not covered when they drive your car
- Remember this rule: “The insurance follows the car”. You can allow anyone to drive your car and they will be covered by your auto insurance, unless the individual is specifically excluded on your car insurance policy.
- Credit scores don’t count
- Credit scores have recently become used more frequently by the car insurance industry. Legislation has been passed requiring insurance companies to base your auto insurance rates on your credit score.
- I have never had or caused any accident, so I do not need car insurance.
- The law requires you to at least have basic liability coverage, even if you have never been in an accident before. Accidents are unforeseen, no matter how experienced a driver you are. When any incident occurs, it happens in fraction of seconds, often without warning, and often at the fault of other drivers who may not be as experienced. Though you may not be responsible for it, you still may have to face the damages or injuries caused to others if the other party fails to have sufficient coverage limits.
