A study conducted by the Independent Insurance Agents & Brokers
of America found that about two-thirds of nearly 81 million renters
don't have renters insurance. Most of these people might not ever
consider operating a car without having car insurance, and yet they
are renting a home without renters insurance. This discrepancy may
be in part that renters fall prey to some common myths about renters
renters are under the impression that renters insurance is unnecessary
or too expensive, especially since theyre not the ones who
own the property, nor are they typically responsible for property
maintenance, said Gary Buckner, executive vice president
and general manager of Oklahoma Farm Bureau Mutual Insurance Companies.
In reality, renters insurance is often very affordable and
can provide significant protection for the renter.
To help consumers
see the clear picture when it comes to renters insurance, Oklahoma
Farm Bureau Insurance debunks the following myths:
landlords insurance will cover my possessions. Contrary
to popular belief, a landlords insurance policy typically
only covers the building itself. This means everything else beyond
the structure of the residence, including all personal belongings,
are the responsibility of the renter to insure. Without renters
insurance, any possessions that are lost, stolen or damaged will
usually leave the renter handling the monetary loss on their own.
insurance is too expensive. There is a wide range of insurance
offerings to fit different incomes and lifestyles. Additionally,
when available, renters can consider bundling rental insurance
and car insurance or another policy from the same company for
a potential discount on pricing.
Myth: My possessions
arent valuable enough to need insuring. Its easy to
overlook the costs of everyday belongings, but these things can
add up. Renters should consider not only the big-ticket items
they own, like the TV and furniture, but also dishes, clothes,
decorations, appliances and personal electronics. Most renters
have thousands of dollars worth of stuff, and all that stuff
needs to be covered by renters insurance.
insurance only covers my stuff. Most renters insurance policies
also include liability coverage, which will help cover the costs
if a renter is ever held responsible for injuring another person
or damaging another person's property, including the landlord's.
One other common feature is accident coverage. This could include
accidents that result in losses or damage, such as an overflowing
bathtub or a fire caused by a curling iron left on too long.
Farm Bureau Mutual Insurance Companies
Since 1946, Oklahoma Farm Bureau Mutual Insurance Companies have
worked to maintain their position as the leading Oklahoma-based
insurance company for Oklahomans from all walks of life. The company
protects Oklahomans in all 77 counties from the risks they face
every day, and because each agent lives and works in Oklahoma,
they are present when needed most. Oklahoma Farm Bureau is committed
to helping the more than 140,000 member families to ensure Oklahomas
financial strength today and in the future. To learn more, visit