Apartment Renters Insurance
In this age of the internet, most of us are well aware of the fact that our landlord’s property insurance is not going to cover our personal belongings in the event of a fire, natural disaster or theft. The landlord has insurance to protect the building and any attachments that are covered as well as liability insurance, but none of your belongings will be covered unless you take out an apartment renters insurance policy.
Contents insurance is actually one of two types of apartment renters insurance policies that you should consider when looking for the best coverage possible. Contents insurance covers partial or total loss to your personal property that is listed on the policy. For example, if you have a HD 48” flat screen TV that is valued at $3500, it should most definitely be itemized and insured. Any and all of your valuables should be listed so that if you experience loss they can be replaced. You will often find that apartment renters insurance premiums are based on the total amount being covered as well as the deductible you choose when purchasing a policy. As in any other type of insurance, the deductible directly affects the cost of your insurance so that a higher deductible yields lower premiums and vice versa.
Liability is often misunderstood by renters. Most of us believe that if we have company and they are injured on the property that it would be covered on the landlord’s liability policy. This is not always the case! Say for example, you have a friend visiting you and for some odd reason you have left a boiling pan of water on the edge of the counter in a location that is not deemed safe. Your friend follows you into the kitchen so that you can continue cooking the dinner and inadvertently catches the handle of the pot which then spills, scalding your friend. Your friend then requires medical attention and is out of work for a period of time while the burns heal and throughout the resultant physical therapy. This has absolutely nothing to do with your landlord because it was your negligence that injured your friend. If your friend files a lawsuit and wins civil damages, you could be required to pay more money than you could hope to make in the next decade! Apartment renters liability insurance protects you against just this type of financial loss which could be devastating.
Apartment Renters Insurance Cost
Actually, contents insurance is much more reasonable than many people believe. In fact, sometimes it is possible to get coverage for under $15 or $20 per month! If you add liability insurance the premiums will be a bit higher, but you may get a discount for carrying both types of insurance. Choosing whether or not to carry liability insurance for renters probably depends on the amount of people who visit your house and the frequency of their visits. If you lead a secluded lifestyle then that could possibly be omitted, but contents insurance is always advisable. Anything can happen at any moment to cause you considerable financial loss. Whether it is an act of man or an act of God, there is every possibility that you might experience catastrophic loss at least once in your lifetime. If cost is an issue, shop around before deciding which insurance company to go with. By comparing quotes between several companies, you can find apartment renters insurance with the coverage you need at a price you can afford.