Apartment Renter’s Insurance By: Kyle Thomas Haley
Prior to signing an apartment rental agreement, everyone solicits some obvious information – cost per month, length of lease, amount of deposit. Just as important, but often overlooked, is a little thing called renters insurance. You might think this is an unnecessary expense and that it is the responsibility of the landlord. However, usually the property owners insurance covers only damage to the structure or injuries that occur on the property, not damage to your personal possessions or injuries that take place inside your apartment.
While banks make it mandatory for homeowners to carry coverage prior to approving a mortgage, there are no such provisions protecting renters. At an average cost of $250 per year, renters insurance will protect against loss of personal possessions due to burglary, fire and many natural disasters. It also may remove liability against any legal and medical bills if someone is injured in your apartment.
The amount and cost of renters insurance will depend on your possessions. If you plan on placing valuable items such as electronics or memorabilia into your apartment, you would be smart to carry a lower deductible. A written inventory, including approximate values, is recommended. If you don’t have a lot of possessions, then a higher deductible will help keep the cost of insurance down, but insurance is still important in order to have liability coverage. It will also cover any expenses if you are forced to vacate your apartment for a variety of reasons.
Finally, if you have a roommate, make sure both residents are listed on the policy. Otherwise, only the possessions of the individual who purchased the insurance will be covered.
Laws vary from state to state. The suggestions listed above should be used as a guide only. For more specific and/or accurate information pertaining to you and the state you live in, please consult a licensed insurance agent or broker.
About the author:
Kyle Thomas Haley of Durham North Carolina has been creating and administering Apartment Renting Sites for STANZEEKAY Inc. since 1999.