Compare Apartment Insurance?

If your apartment building is damaged, your landlord (not you) will be financially responsible for the repair or replacement costs. But what about your personal property? Unfortunately, your possessions are also susceptible to peril. Too often people lose their belongings to accidents, disasters, theft, or vandalism.

Renters can also face costly lawsuits if a visitor is injured in their apartment, or they could be held financially responsible by their landlord if they accidentally damage their apartment, their neighbor’s unit, or common areas of the building.

By getting renters insurance for your apartment, you can find peace of mind. Included are personal property coverage, which protects your possessions, and liability coverage, which financially shields you from accidents in the home.

Read on to compare apartment insurance options below.

What Does Renters Insurance Cover?

Renters insurance will cover the costs to repair or replace your property in your apartment. Types of belongings typically covered include:

  • Appliances
  • Clothing and other textiles
  • Electronics
  • Food (if, for example, a power outage causes the food in your fridge to spoil)
  • Furniture
  • Jewelry, art, collectibles, and other expensive items (through additional coverage)

Typically, damage caused by these circumstances is covered by renters insurance:

  • Theft
  • Vandalism
  • Fires (accidental), explosions, and smoke damage
  • Most weather-related damage (with exceptions)
  • Snow and ice damage
  • Falling objects
  • Mold
  • Short circuit damage caused by faulty electronics or appliances
  • Vehicles, including cars and aircraft, that damage your apartment
  • Water damage from appliances, leaks, or plumbing (with exceptions)

Renters insurance can also include coverage for:

  • Loss of use coverage: Compensation for living expenses (like a hotel and meals) in the event your apartment is left uninhabitable due to an accident or disaster.
  • Personal liability coverage: Medical and legal fees when you accidentally damage someone else’s property, including your building. Also covers medical and legal fees if a guest is accidentally injured in your apartment.
  • Credit card/bank fraud: If, for example, a thief steals your credit card or checkbook, you will be reimbursed for any resulting fraud or forgery.
  • Items in storage: A loss does not have to occur in your apartment. If your possessions kept in a storage unit are damaged or stolen, your policy can cover the costs.

Compare the Best Home Insurance Quotes for Your Coverage Needs:

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How Much Coverage Should You Aim For?

Here are some steps to take when figuring out how much renters insurance to purchase:

  1. Take inventory. Take the time to itemize your possessions and do so as thoroughly as possible. The last thing you want is to undervalue your possessions. Likewise, for especially pricey items such as designer jewelry or fine art, consider purchasing extra coverage to ensure your things are completely covered if damaged.
  2. Consider your risk level. Look at where you live and the natural risks associated with the area. Live in an area prone to hurricanes? Or an area with high rates of theft? You might want more coverage. Some risks, such as earthquakes or floods, might even require special policies, so make sure to research that as well.
  3. Look at your budget. Create a monthly budget and figure out how much you can afford to put towards renters insurance. Though prices vary, rates are typically affordable. Make sure to compare multiple carriers before settling on one to ensure you get the best price.
  4. Factor in family and roommates. If you have family members living with you, itemize their possessions as well. If you have a roommate, consider if you want to add them to your policy or not. Adding your roommate will mean a lower bill, but make sure they’re someone you completely trust before doing so, as their actions can be reflected on your insurance history for years to come.

If you still aren’t sure how much coverage you need, you can ask your agent for a recommendation while comparing quotes.

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