Do You Need Renter's Insurance If You Live In An Apartment?

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Do You Need Renter's Insurance If You Live In An Apartment?

Do You Need Renter's Insurance If You Live In An Apartment?

7 January 2019
Insurance, Blog

When you own a home, you pick up homeowner's insurance to make sure the house is protected in the event of a disaster or unexpected problem. However, if you are merely renting a place to live, the owner of the dwelling has protection, but your belongings are not necessarily covered. This means that if there is a fire, storm, or another event that leaves your belongings damaged, you will be left paying to replace everything yourself. Thankfully, renter's insurance is available for people who live in an apartment or rented dwelling, and it is a really good idea to get this insurance as a tenant. Here are a few other things you should know about getting renter's insurance as an apartment tenant. 

What is the typical price of renter's insurance if you live in an apartment?

The average annual cost for renter's insurance is really affordable. Most people pay on average about $184 a year for renter's insurance, which works out to be just $15 per month for as much as $30,000 to $50,000 worth of coverage. Of course, the deductible you choose and where you live geographically will have some effect on the premium amount, but overall, renter's insurance is so inexpensive that it would be a little silly not to have it if you are a renter. 

What are some of the things that would be covered with renter's insurance?

Renter's insurance covers things like:

  • A leak in your apartment that damages your furniture 
  • A fire in the building that leaves your belongings destroyed
  • A break-in that leaves the majority of your things stolen

Your renter's insurance will pay to help you replace things like furniture, personal belongings, jewelry, and appliances if you own them. 

How much renter's insurance do you need to get?

To decide how much coverage you need, you should look at the value of the belongings you have. When you get a quote for coverage, the insurance agent will ask you how much property you own that is kept at the apartment address. You may have to take some time to go through your things and consider the supposed value of your stuff before you can get a logical quote for coverage. 

Do some landlords require renter's insurance?

It is not uncommon for some landlord's to require tenants to get renter's insurance, especially in an apartment complex. If it will be required for you to carry this insurance, it should be outlined in your lease agreement. Look around at different companies like Woodmansee Insurance Inc to find the right renter's insurance for you.

About Me
your home business and homeowners insurance

When you operate a business from your home, you enjoy the benefit of not having to commute to a busy office every single day. One thing that you may not have considered is whether your home business is covered under your current homeowners insurance policy. If you have expensive equipment, inventory and files stored in your home, you may need to add a rider to your insurance policy to ensure that you are covered. Find out more about how a home business can impact your homeowners insurance policy and whether or not you are protected as your policy stands today.