Due to the risks involved in living in an apartment building,
many property managers are including mandatory renter's
insurance clauses in their leasing agreements. This means
if you do not have renters insurance, you are in violation
of your lease agreement and are subject to eviction.
Many apartment complexes do not have this stipulation.
But, you should still consider getting renters insurance
for your own benefit. One of the disadvantages of living
in an apartment is the fact that you are forced to put
trust in your neighbors.
You have to trust in things such as them not leaving
a candle burning near the curtains or leaving the stove
on while they go on vacation. Apartment incidents are
very common across the country. Water pipes breaking and
flooding a downstairs apartment, fire, and theft are just
a few incidents that can leave an individual in a serious
Considering that renters insurance generally costs under
$30.00 a month, the benefits outweigh the cost by far.
There are different levels of renters insurance, and the
coverage types vary as well. You must determine what plan
will best suite your needs.
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A few things you should be aware
of when shopping for renters insurance are:
What should the insurance pay for?
What your insurance pays for is based on the coverage
If you get liability coverage, it will
pay for treatment of injuries sustained by your guests
in your apartment. This coverage has set payout limits
for each incident. You should know what these are and
determine if they are sufficient.
If you get loss of use coverage, your
insurance will pay for a place for you to stay, in the
event your apartment becomes uninhabitable because of
damages. Renters insurance generally does not cover acts
of God like tornados, earthquakes, hurricanes and so forth.
Find out what the insurance company determines an act
of God, and make preparations if you are in
a high risk area for such events. You can usually get
coverage for these events with Endorsements. Endorsements
can also be used to increase your coverage. Talk to
your insurance company about this option.
If you get coverage for property theft or damage,
the insurance company will pay either the replacement
cost, or the actual value of your property. You should
find out what options you have, and make your choice depending
on the property you own.
Replacement cost will pay for the
cost of replacing your property. This coverage is good
for items that depreciate in value over time, like electronics.
If your television market value is now $50.00, and you
have replacement cost coverage; you should get enough
money to pay for a television that is comparable.
Actual value coverage is only good
for items that go up in value, like collectables. Because
most renters insurance do not fully cover these items,
it is probably best to stick with the replacement cost
option. In most cases you can add a floaters or special
items coverage for these items.
Floaters or Special Items coverage,
is coverage for specific items of value, that you may
own. The cost is usually minimal and worth the investment.
How much is your deductible?
Your deductible amount, is the amount of money you pay
in the event of an incident. This amount will vary, and
you can usually choose how much you want this to be -
based on what you want your premiums to look like. The
higher the deductible is; the lower your premiums should
You should keep in mind that the deductible amount is
due in full before any claims will be settled by the insurance
company. So make sure you balance your deductible with
your premium rate, to not stretch yourself thin.
Another very important thing you should consider when
getting renters insurance is the value of you your property.
You should do an inventory of your belongings and have
your valuable items appraised.
Your reason for doing this is to make sure your coverage
is enough to replace all your belongings, if there is
a total loss.
Finding a Renters Insurance Policy
To find a renters insurance policy that will meet your
needs, at a cost that you are comfortable with, try an
online quotes service. These services are generally free,
and there is no commitment involved. So, if you are planning
on moving, or if you just want so see what is out there...
give it a shot.
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