Jill and Charlie Harris relax in their rental townhome at King Commons IV. (Photo by Scottie Lee Meyers)

Almost two-thirds of residential lessees in the United States don’t carry renters insurance, according to the Independent Insurance Adjusters & Brokers of America (IIABA). Yet a renters policy is more important, accessible and affordable than you might think. Here are the top five myths—and the facts—about renters insurance:

(1) The landlord’s insurance covers your possessions.

Don’t count on it. Most landlords’ insurance covers only the building and damages due to negligence. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism and fire, is entirely up to you. Without renters insurance, you may have to bear the financial burden of a loss on your own.

(2) Renters insurance is expensive.

In this case, the numbers speak for themselves. According to the IIABA, the average renters policy costs just $12 a month for up to $30,000 in personal property coverage. That’s solid coverage for less than the cost of a couple of cups of coffee a week.

If cost is still a concern, you might qualify for a discount by taking some simple home safety precautions or purchasing another policy, such as auto insurance, with the same insurer.

(3) You don’t need insurance if your stuff isn’t expensive.

Most renters’ belongings cost more than they think. In fact, the average person has over $20,000 worth of belongings that are probably not covered by a landlord’s policy. Think that number is too high? Take a moment to add up the approximate cost of your computer, television, stereo, furniture, jewelry and clothing. If a fire gutted your apartment tomorrow, would you have the cash on hand to replace it all?

(4) Renters insurance covers only your possessions.

The average policy also includes up to $100,000 in liability coverage, meaning your insurer will help cover the costs if you’re held responsible for injuring another person or damaging another person’s property, including your landlord’s. Moreover, this coverage applies whether the incident occurred within your residence or elsewhere.

(5) Renters insurance is hard to get.

The Internet makes getting renters insurance easier than ever before. You can research providers, compare quotes and even find an agent online. Or, just as easily, you can place a quick call to an insurance representative. Answer a few questions and you’re likely to get a rate quote in minutes.

For more information about renters insurance, visit www.statefarm.com or contact agent Jon Fernandez at 414-325-9440.