If you’re one of the millions of individuals and families in the country who is renting, you are nearly 80 percent more likely to be burglarized. According to the U.S. Department of Justice, burglary is startling more common among apartment, condos, and homes which are classified as rentals.

Renters Insurance MythsEven with these high numbers, only 43 percent of renters invest in a renters insurance policy. Many renters don’t understand the importance of renter’s insurance. Common misconceptions include the price and value of renter’s policies. These are a few of the most common renters insurance policy myths:

Myth: "It’s too expensive."

Fact: Actually, renters insurance is one of the most affordable forms of insurance. The average cost of renters insurance is $12 per month according to the Independent Insurance Agents & Brokers of America. That is less than half of a tank of gas, and much cheaper than a cell phone bill or a dinner date. For less than the price of a combo meal, you can protect your home and possessions in case of a burglary or other damage.

Myth: "I don’t have anything worth insuring.”

Fact: Some renter’s assume that their “stuff” isn’t worth insurance, but if you had to replace everything you own, you might thinking differently. To replace everything you own can easily reach into the tens of thousands of dollars at a minimum. In addition, renter’s insurance doesn’t only cover “stuff” it also covers liability. If the mailman slips and falls on your steps, or if a neighbor is burned on your fireplace, without insurance you’re 100% liable to pay damages out of your own pocket. With insurance, your policy will help cover medical bills and legal defense fees.

Myth: “I’m covered under my landlord’s insurance.”

Fact: While most landlord’s do carry insurance, their policies only covers the building, not your personal items or possible liability.

Myth: “It’s too hard.”

Fact: Renter’s insurance is the easiest type of insurance to get. It’s a hassle-free policy that is simple to find. Often, you can get renter’s insurance from the same company you currently use for your auto insurance policy.