Renter’s insurance protects you from situations not covered by the property owner’s insurance. Most apartments contain belongings worth thousands of dollars, so purchasing a policy is a good idea, even if you only live in a studio apartment. Here are some other points to consider before deciding:
- Don’t only consider theft. Renter’s insurance will also protect you in case of a fire or if you’re a victim of a natural disaster.
- Insurance can cover temporary housing. If you are a victim of a natural disaster, your insurance may cover the cost of an apartment for rent during the time while your home is rehabilitated.
- Even if you don’t live in a luxury apartment, consider renter’s insurance to protect you from liability. Renter’s insurance will protect you if someone sues you for an injury. It will also provide legal counsel to defend you.
- Some companies offer attractive discounts for bundled policies. If you’re already paying for car insurance, you may be able to add coverage for your apartment rental for only a few extra dollars per month.
- You might be required to purchase renter’s insurance. Some owners require renters to carry insurance on their apartments. If you skip the insurance, you could be told to move out.
Before you sign up for renter’s insurance, you should be aware that most policies do not cover motor vehicles, aircraft, and watercraft. If you use or own these types of vehicles, you’ll need to purchase separate insurance. To purchase your best option for renter’s insurance, get in touch with apartment managers in your area.