When living in an apartment, it can be easy to forget about basic home security. Residents of an apartment may be prevented from installing outdoor lights, wired security systems and other devices not approved in their apartment’s lease. Though most landlords or apartment companies do carry insurance, it usually only covers damage to the physical building. If you want to protect your valuables with an insurance policy, you will have to do your own research.
Why is Renter’s Insurance Important?
Apartment residents are around 79% more likely to be the victim of burglary than homeowners. Having renter’s insurance is a relatively low-cost way to have peace of mind that your valuables will be covered by your policy holding company. However, it is important that you closely document any electronics, valuable items, musical instruments or other items you want to be covered under the policy. It may also be useful for you to take documented pictures of your apartment on a regular basis, in order to make the claims process much easier.
What is Covered Under Renter’s Insurance?
In general, most renter’s policies are designed to cover a set value of the possessions inside your home. When applying for a policy, you may have to fill out an approximate value for all of the possessions in your home, which will designate how much coverage you will have for each category in case of a disaster.
Most renter’s policies cover a range of natural disasters and other events. This usually includes:
- Explosion
- Windstorm or hail
- Fire or lightning
- Vehicles
- Aircraft
- Riot or civil commotion
- Vandalism or malicious mischief
- Theft
- Smoke
- Volcanic eruption
- Falling objects
- Damage by glass or safety-glazing material that is part of a building
- Water-related damage from home utilities
- Electrical surge damage
- Weight of ice, snow, or sleet
It is worth noting that flood damage is typically not included in most renter’s insurance policies. Coverage for flood damage is usually a separate policy, and may be relatively expensive if you live in or near a flood zone. In addition to this, damage from earthquakes is not covered by most renter’s insurance policies.
How Much Does Renter’s Insurance Cost?
For roughly $15,000 in coverage of possessions, as well as $100,000 of liability, renter’s insurance will most likely cost you around $25 per month. This is an approximation, since many insurance companies may adjust your rates depending on the city and apartment complex you are currently living in.
Related posts:
- Home Security Systems and Insurance Discounts
Read More Home Security Systems Having a monitored home security system in your home gives you peace of mind, in knowing that your home and family...
