A quick guide to apartment insurance
Apartment insurance is often overlooked by tenants but having a policy in place can save you stress, time, and money should a catastrophe occur. Unlike your landlord’s insurance on the building and property itself, renters insurance protects your belongings and guards against personal liability in the event of an injury in your home. Learn about the importance of apartment insurance and how it protects you.
What does renter’s insurance cover?
Renter’s insurance covers everything in your home provided it’s listed in your policy, which can include both high value items and improvements made to the apartment. Additionally, accidents or injuries that occur in your apartment can be covered to reduce personal liability in the event of an unforeseen event. Here’s how tenant insurance can protect you:
- Damages. Floods and fires are two of the most common ways a rental space can become damaged. While your landlord’s insurance might cover the building itself, you may be responsible for damages that occur to another property as a result. For example, if flooding seeps into a nearby home or business, renter’s insurance will cover those damages as well.
- Valuables. Most tenants have at least $5,000 worth of items in their home. From jewelry to high-end electronics, tenant insurance covers the value of everything listed on your policy. In the event of a fire or theft, proper insurance can reduce or eliminate the burden of replacing items out-of-pocket.
- Injuries. Whether you invite friends over for dinner or have a brief encounter with a delivery person, injuries within your residence are often your responsibility. Without insurance coverage, you may be liable for medical bills, lost wages, and other fees if the injured party takes you to court.
Preparing an apartment insurance policy
The key to obtaining the proper amount of tenant insurance coverage is to accurately list your valuables and plan for the unexpected. A few things you will need to consider before obtaining a policy include:
- Value of items. Itemizing the value of everything in your home will help determine the actual cost of replacement in the event of a loss.
- Perils. Policies can be customized to ensure coverage for all perils or only the most common.
- Extent of coverage. In some cases, property is partially or completely covered under other warranties or loss plans. However, a tenant insurance policy can enhance this coverage if needed.
Affordable apartment insurance
A common misconception about apartment insurance is that it’s expensive and difficult to obtain. This couldn’t be further from the truth, as there are many discounts and savings options available to tenants.
Get a no obligation quote
At Mitch, we specialize in creating affordable, comprehensive apartment insurance policies designed to protect you should unexpected damage or injury occur. Call us today at 1-800-731-2228 or email info@nullmitchinsurance.com to get started.
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