Renters Insurance

Renters Insurance

If you rent a home, condominium, duplex, apartment, or live in a residence hall or dorm, you would be eligible for and should consider buying renters insurance.  The great thing about this type of insurance when renting is that premiums are often as low as $30 a month.  Without doubt, choosing to buy renters insurance for apartment living is one of the wisest decisions you could ever make.  After all, you want to do everything possible to protect your life’s possessions.

Just make sure that you choose any renter’s insurance policy for apartment living from a reputable company.  Usually, these companies have been in the business for a long time and understand specific needs of a renter.  Because of this, they can offer guidance to help you choose the best policy for your needs.  Additionally, with so many different insurance companies now offering renter’s insurance, pricing is competitively.

Remember, as you begin looking around at policies for renter’s insurance for apartment living, you can get a free quote from a local company or through an online resource.  If looking online, you would need to complete a brief application and provide your contact information.  From there, a representative of the insurance company would review your information and then contact you to discuss your various options.

To make sure you get a solid quote for renter’s insurance for apartment living, you would need to take an inventory of your personal belongings.  In fact, many insurance companies have actual forms that make this process quicker and easier.  You need to consider clothing, appliances, dishes, Christmas items, sporting equipment, electronics, and literally everything you own.  Of course, along with items in the house, be sure to include hand tools, gardening items, and other things from outdoors too.

Typically, you have two primary options with renter’s insurance for apartment living.  First, you could keep your premium at its lowest by choosing a set amount of coverage, which would be based on the items you have.  However, the second option of replacement coverage is the way to go.  A policy such as this is only a few dollars more and in return, if something were to be damaged or stolen, instead of being refunded with the dollar amount you paid as in the first option, you would be paid the dollar amount of what it would cost to purchase that same item today.

Now, just as with homeowner’s insurance, most policies for renter’s insurance specific to apartment living does not cover certain items.  For instance, the policy would not include jewelry, firearms, antiques, or artwork.  However, you can add an additional policy onto the renter’s insurance policy if you want the more expensive items covered.  An additional policy for any of the items listed is also very affordable.

The one thing to remember is that while all of your personal belongings would be protected in case of fire, burglary, flood, and other damage based on the terms of the policy, the one thing the policy would not cover is the apartment itself.  The structure’s protection is the responsibility of the owner and by law, insurance is a requirement.  Therefore, all you need to worry about is you and your personal possessions, choosing a great but affordable renter’s insurance policy for apartment living.