Renters Insurance

As you may already know, renting can be a low-cost alternative to mortgage payments and the responsibility that comes along with owning your own home. However, what many individuals fail to understand is the fact that most apartments will not cover your personal belongings under their insurance policy. This is why it’s important to have your own insurance coverage, usually referred to as renters insurance.

In most cases, the landlord’s insurance policy will cover the structure of your apartment rental, but none of your personal property inside. For example, if a pipe breaks in the wall, causing flood damage to all of your furniture, your landlord’s insurance would only cover the structural damage, not any of the items that would become water damaged.

If you’re sharing an apartment with roommates, in most circumstances, each individual must have his or her own policy. One policy won’t work as a safety net for everyone’s property. In case something happens, it’d be best for each and every resident to at least have a small policy, to cover most of their property.

When it comes down to it, there are two main types of renters insurance: full coverage and partial coverage. Full coverage is more expensive, but it covers the full cost of your property. Partial coverage is usually much cheaper, but in case of some sort of damage, only a portion of your cash value will be returned for your damaged property.

In most cases, a small liability policy will be worked into your general coverage, which will cover any injuries that may happen at your place. Make sure to check and see if the coverage is adequate, and that it doesn’t cost much more to have on your policy.

If you’re searching for renters insurance, the best place to get a quote is online. Many companies will be able to offer you their lowest price, which you can compare to other companies online, before you make a decision. Feel free to fill in your zip code above to get an free instant quote!