Meta Bugg`s Home Blog

Many people hear the word “insurance” and automatically have some pre-conceived notion about what coverage is available, the cost, etc.  Many people form these conclusions without ever really investigating this proposition from a cost benefit analysis standpoint.  Apartment insurance coverage is a subject that certainly falls into this category.  Additionally, there are those individuals out there that do not even know this type of coverage exists.  Well, it does and we need to dispel some myths about it.

Myth #1 about apartment insurance coverage–”My landlord’s insurance covers my belongings.”  No, it does not.  Your landlord is not liable for the damage or loss of any of your belongings.  If the building catches on fire, you are not covered under that insurance.  If you are the victim of theft, you are not covered under that insurance.  If some act of God occurs like lightning, a tornado, a hurricane, or any other type of related thing happens you are not covered under that insurance.  Your landlord’s insurance only covers the building itself, not your possessions.

Myth #2 about apartment insurance coverage–”This is a complicated process.”  No, it is not.  It is a matter of picking up the phone and making a call, getting on the internet and reading some information, or calling your agent to make an appointment.  The best part is–the quote is free.  It doesn’t take a whole lot of time at all and the coverage parameters are pretty straightforward in terms of what is covered and the amounts of coverage. 

Myth #3 about apartment insurance coverage–”It isn’t worth the cost.”  Yes, it is.  The amount of money you spend annually on this tyhpe of coverage is a fraction of what you would spend to replace your possessions should any of the above scenarios occur.  Do you really have the money to go out and buy a new television, a whole new wardrobe, new furniture, or most any other item?  Most people would pay more to replace the item than they would pay for the insurance, let alone a combination of items.

You can continue to believe in the myths about apartment insurance coverage and risk losing some or all of what you own or you can make the wiser decision to protect what you have.  The outcome is all up to you.