What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
APARTMENT INSURANCE COVERAGE
Most people in the United States are familiar with the concept of home owners insurance. However, many people that reside in apartment dwellings are not informed properly regarding the importance and benefits of obtaining adequate apartment insurance coverage. Dealing with catastrophic loss as a result from theft, fire, flood damage and other unfortunate scenarios that can cause an unprecedented amount of grief or hardship can be made a little easier to deal with proper apartment insurance coverage.
While property management companies, as well as real estate investors, carry insurance policies on the apartment units they maintain, this type of insurance coverage unfortunately does not extend to the renters property. This is why the renter should take proactive steps in terms of protecting their belongings as soon as possible with personal property insurance. Leasing offices and or landlords overseeing the property often suggest various apartment renters insurance coverage plans to the leaser before or shortly after an agreement has been met and keys are supplied to the new occupant. If this valuable information is not offered through the property manager, then the renter should seek out quality apartment insurance coverage on their own. Like many other insurance coverage plans for auto, home, health and business, different levels, as well as coverage types are available for the renter.
Not only can apartment insurance coverage protect one’s valuables from damages arising from theft, disaster or accidents caused by mechanical failures inside the unit that is being rented, coverage can extend to protection from someone else’s personal injuries and property damage as well. If someone gets injured inside of the renter’s apartment unit, the renter could be held responsible for the medical costs and other related expenses. Adding liability coverage will cover these costs if an accident were to occur, with no out of pocket expense to the renter.
Apartments that are located within larger buildings, with multiple units attached can pose higher risks as it relates to fires and flooding. Although most renters are safety conscience, some tenants may put others in the apartment building at higher risk by exhibiting behaviors such as smoking and lighting candles that are not properly supervised or placed. Some accidents can come about through no fault of their own but can have a devastating effect on other renters within a building. Fires or floods started in other areas of an apartment building can spread very quickly, destroying everything in its path.
Flooding can be especially distressing if the water originates from a residential unit directly above another. The lower level unit could face even more damage than the upper unit due to an influx of water being disbursed all over the personal property that is not just on the floor. Furniture, clothing, electronics and other water sensitive belongings can be ruined in a short amount of time. Mold and mildew can pose major health concerns and comprised ceiling areas could also cause major safety concerns as water can weaken the materials of the building, such as the drywall and framing.
As far as personal property insurance is concerned, there are two different types to consider when choosing an apartment insurance coverage plan. Depreciated replacement coverage will take into account the perceived value of the belongings. Renters who experience a loss will be reimbursed for their property taking into account the item’s age and will be awarded a certain percentage from the original price when it was new. Limited replacement cost coverage, although more expensive, will cover the entire cost of the property that has been destroyed or damaged regardless of age or other factors that would determine a depreciated value amount associated with less costly plans that may be available.
Before choosing an apartment insurance coverage plan, renters should take a full inventory of their property. Gathering sales receipts and storing them in a safe place can be a great way of keeping a good record and account of how much the property is worth. Insurance professionals can also aid the prospective insurance policy holder in determining how much their property is worth if such records are not available.
After a full inventory by the renter has been complete, the policy holder can then determine what level of apartment insurance coverage best fits their budget and needs. Purchasing adequate renters insurance is not as expensive as some may think; on average, comprehensive renters insurance only costs a couple hundred dollars a year to a thousand, depending upon the type and level of coverage needed. To further lower the costs of obtaining apartment insurance coverage, many people can find substantial discounts when they combine other insurance policies such as health, auto and or business insurance plans with the same provider.
Besides speaking with a local renters insurance agent about getting low cost insurance coverage, some of the best rates can be found on the Internet. Free rental insurance quotes can be found quickly and easily from a multitude of providers with minimal effort. Buying the lowest costing apartment insurance coverage may not be the best. However, it is in the best interest for any renter to do a fair amount of homework before committing to any coverage plan. What may seem like a good deal in the short term could prove to be less than satisfactory if unfortunate circumstances do occur. Renters should not only do their research on the plans provided by a company but should also check on the company’s reputation as well. The Better Business Bureau can be a great source when it comes to finding possible complaints against a particular insurance company, in addition to using other trusted review websites on the Internet.
Taking responsible steps to protect your property as well as yourself in the event of a catastrophe will add peace of mind to the renter, day after day and month after month. If a renter faces theft or damage to their property, they can be assured that they will be able to get back on their feet in the least amount of time possible just by purchasing quality apartment insurance coverage at a reasonable price.