Why Should You Invest in Renter’s Insurance?
Renting an apartment is a great way to lower your cost of living and increase your home’s security. Just like homeowners, renters are almost always required to obtain renter’s insurance to protect their belongings.
Is renter’s insurance necessary?
Depending on the community you live in, obtaining renter’s insurance may very well be a requirement listed in your apartment lease.
When you move into your new unit, your landlord will let you know if renter’s insurance is a requirement or an option. Even if being insured isn’t required by your apartment community, it may be worth investing in regardless.
Let’s learn why below.
Why is Renter’s Insurance a Good Investment?
Protect your Belongings from Theft: Even in the safety of a well-secured apartment community, the risk of break-ins and thieves is still a possibility. Should any of your personal possessions be stolen, renter’s insurance will cover the replacement of valuable belongings.
Protect Yourself from Out-of-Pocket Expenses: One common misconception renters have about leasing an apartment is the thought that their individual unit is covered under the landlord’s insurance policy. This isn’t true! Should anything happen to your unit (such as a flood, fire, or burglary), you are responsible for the repairs. Herein lies the biggest benefit of having renter’s insurance: it protects you from having to pay for unexpected damage out of pocket.
It’s Affordable: Most renter’s insurance policies are incredibly affordable, with the highest average cost hovering around $200 per month. This investment is incredibly affordable compared to the cost of replacing valuable personal property or fixing damage to the apartment unit.
What should renter’s insurance cover?
Aside from cost, one of the most important things to consider when shopping for renter’s insurance is the type of coverage included under the policy.
We recommend looking for policies that offer protection from…
- Pipe back-ups
- Flooding
- Vandalism
- Fires
- Theft protection
It may be difficult to find an affordable policy that covers all the items listed above. Depending on your budget, it may be wise to prioritize the “perils” that you feel are most important to cover in your policy.
Where do you get renter’s insurance?
Occasionally, landlords may recommend a preferred insurer. Either way, it’s still worth shopping around to find the best policy and price point.
A few of the biggest companies offering renter insurance policies include:
Aside from these large providers, there are always smaller, locally-based companies that offer affordable policy plans.
Even if an apartment community doesn’t require renter’s insurance, it is wise to find an affordable policy that protects against fire, flooding, and theft. These minimal policies are almost always affordable, and provide you with peace of mind in knowing that you’re protected from any serious financial losses.
To learn more about the lease terms at Adam’s Crossing, contact our leasing office today.
