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Renter's Insurance

Most apartment complexes require you to show proof of your renter’s insurance. It’s a liability issue that their own insurance provider wants them to mitigate by requiring tenants to carry their own insurance in the event of any property damage or theft. Their insurance covers the building and any accidents or injuries that may occur on the property but it does not cover your personal belongings.

For some, insurance can be seen as an unnecessary expense and for others, it’s a great way to cover your assets and give you a good feeling as you sleep at night. Regardless of how you feel about renter’s insurance, here are some facts that you should consider when shopping for your policy.




The Average Cost

Renter’s Insurance can cost as little as $1 a day or even less depending on how much of your belongings you’re covering and what you put your deductible at. It’s best to shop around for different policies but there’s a guaranteed cheap option for your belongings out there. Most insurance companies provide online tools that you can use to help you calculate the estimated value of your belongings.

What Does Renter’s Insurance Cover?

Renter’s Insurance covers your personal belongings inside of your apartment. If a fire breaks out or someone breaks into your place and steals everything, your insurance policy will cover the replacement cost of your items. Your payout depends on what you list in your policy coverage and how much you set your deductible at.

How to Find the Right Policy

Most insurance companies provide online calculators and tools to estimate the value of your property. When using that option, you need to consider the condition of your higher-priced items such as televisions, game consoles, large pieces of furniture, etc. Their value two years later is not the same as what you purchased them at when they were new. The value that you list will determine the prices that you pay so you want to accurately list your belongings to avoid paying excess premiums.

If you want someone to walk you through what policy you should get, insurance companies have plenty of on-staff personnel to guide you through the entire process.

Renter’s Insurance can be a great way to protect your assets and at the very least, it will give you a good feeling each time you leave your home knowing that your items are covered from theft, fire or other types of property damage. This is well worth the time to look into your best options and should be one of the first things you consider when moving into a new apartment.

For more apartment tips, check out the blog on www.MilitaryApartmentLocator.com.

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