The Necessity of Apartment Renters Insurance
Upon moving into a new apartment, many people assume a level of safety. Maybe you think no one gets burglarized on the 14th floor. Or you take one look at the solid structure that’s been around since the 1970s and think nothing could possibly harm the building. Or maybe you feel safe, without even thinking about it, from liability. The point of apartment renters insurance is to cover yourself for surprises and the risks they might entail. Even for events that you feel are long shots, compare the likelihood to the losses you would endure if the worst actually did happen. Apartment renters insurance is the ideal way to solve this problem, since you can compare quotes and protect yourself for a reasonable cost.
Basic Apartment Renters Insurance
Your personal possessions are the starting point. Determine how much you think your possessions are worth, and then decide if you want to insure them for actual cash value or replacement coverage. If you bought a TV in 2002, it won’t be worth as much today; thus, actual cash value will probably compensate you for hundreds of dollars less, but will also lead to a lower premium. Then review your options for liability coverage, medical expenses, and cost of living expenses. Anyone who suffers an injury in your apartment might sue you. Even if the claim is groundless, you might need a liability policy to cover court costs. You’ll also want to know that the medical expenses for an injured party won’t have any chance of coming from your wallet. And if a storm renders the apartment unlivable, it’s important to have the immediate assurance that your cost of living is covered.
It’s very rare to find apartment renters insurance that includes coverage for floods or earthquakes. Either can inflict thousands of dollars of damage in an instant, and certain areas should be especially aware of these dangers. If you live in Alaska, California, or Nevada, shop around for earthquake insurance. If you live on the Gulf Coast, or in Tornado Alley, keep in mind how quickly a hurricane or tornado can cause the rising waters that lead to flooding.
How much you’ll pay for apartment renters insurance includes many variables: Do you rent in a high crime area? Is the apartment far from the nearest fire department? What is your credit score? Insurers consider many things. Still, the Insurance Information Institute has stated that apartment renters can usually get $100,000 to $300,000 in liability coverage and around $35,000 in coverage for possessions by paying an annual premium between $150 and $300.
Saving Money on Apartment Renters Insurance
When you compare quotes, make sure you inquire about discounts. If you have no prior claims history, you might save up to 20%. Since you probably have a car insurance policy, see if you can save by combining this with an apartment renters insurance policy. If there are smoke alarms, fire extinguishers, a burglar alarm, and/or deadbolt locks in your apartment, make sure potential insurers know this. You could save 25%. Factor all of these considerations into your online search, and compare as many quotes as you turn up. NetQuote.com makes it easy to find them all, and doesn’t cost you anything. It’s a convenient means to keeping your costs low.