Many people today rent in one way or another and the most common rental is the apartment. They offer a simple and convenient way to have a place to stay without all the hassle that can come with homeownership. But it is still important to protect your possessions and that is where apartment renters insurance can make a world of difference. There are many options available when it comes to locating affordable apartment insurance for your needs.
Talking to fellow renters about who they use and what affordable renters insurance for apartments can be found is a great way to begin your search. When you have a few places in mind and are ready to talk, be sure you ask each company about what the apartment insurance price covers and if there are additional coverage packages available.
It is very important to have an updated apartment rental insurance policy as it will help protect your home and your possessions while you are renting. Even a small basic plan with minimal coverage is better than nothing at all!
Renting a house or apartment holds many advantages over buying. Typically renting can save money you would have to use for repairs or for a down payment. The average down payment for a house is around 5 to 20 percent of the sale price. The average deposit for apartments for rent and rental houses is equal to the monthly rent. Renting saves considerable money compared to buying, but that does not mean that when renting you don?t need the same protection homeowners need. Homeowner’s insurance protects the home and the belongings of the homeowners, and it saves money in the event that unexpected circumstances arise. Renter’s insurance does the same thing for those who rent their properties, and is just as vital as homeowner’s insurance. Below are some reasons why you shouldn’t overlook renter’s insurance just because you don’t own your residence.
It’s Not Necessary
Many people misunderstand renter’s insurance. They see it as something that is nice to have, but not necessarily needed. The truth is renter’s insurance is just as important as home owner’s insurance. The landlord who owns the apartments for rent where you live, or the house that you rent, is not responsible for your personal belongings. Items such as clothes, electronics, furniture and expensive jewelry are not covered by your landlord. In the event that a theft, fire or flood occur your personal belongings are your responsibility. Renter’s insurance covers the cost of these things and protects your personal belongings.
It’s Too Expensive
Renter’s insurance is not as expensive as many people think that it is. The word “insurance” leads many people to believe that it is an expensive luxury, but the fact is it is actually quite affordable. Call around to get the best premiums, and remember premium prices will vary depending on the city and community in which you live. Many people are surprised to learn that most renter’s insurance policies typically run no more than $12 to $20 per month, according to the Independent Insurance Agents and the Brokers of America.
Not Enough Personal Belongings
Another common myth that many people searching for apartments for rent, or homes for rent believe is that they don’t have enough expensive personal belongings to justify the need for renter’s insurance. Take a minute and imagine all of your belongings in every room. Two bedroom apartments typically have three televisions. One for the living room and one for each bedroom. The clothes and furniture would also be ruined and need to be replaced. Imagine a fire destroying everything in your luxury apartment or rental unit. Even replacing all of these things with cheap second hand bargains would cost a fortune. Renter’s insurance covers all of your personal belongings no matter how little value you believe they hold.
Limitations of Coverage
Many people think about acts of God when they think about renter’s insurance. Consider for one second that an accident happens in your apartment. Now consider that the accident was your fault or the fault of a family member. If the tub overflows because one of the kids didn’t shut the faucet off, then it will overflow. If no one is home a major flood could erupt in your apartment. If you live on an upper story then the water could flow down into the lower apartments for rent. You are responsible for all damages incurred because of the accident which happened in your apartment. Renters insurance can help offset certain costs of replacing the damage caused by the accident.
Renters insurance protects you and the property that you rent. An estimated 45 million people move each year meaning that you never know who your neighbors will be. When you look for apartments to rent, there is no guarantee that the renters who may be living above you have renters insurance. This means that if an accident happens in the upstairs unit which damages your unit, your renters insurance will cover your belongings even if the accident wasn’t your fault. Accidents sometimes can?t be prevented, but with renters insurance they can be repaired quickly and easily.