Apartment Insurance: Definitions & Articles

What Is Apartment Insurance?

Apartments insurance, commonly known as renters insurance covers tenants and renters from losses associated with living in an apartment or a house. Although all benefits that such a policy carries are not evident from the get-go, apartments insurance has great value for the price.

Why Opt for Apartment Insurance If You Don’t Own the Property?

Insurance for renters is useful in case you need to repair or even replace property after losses due to various types of damage to the property or theft. In some cases, coverage for personal possessions is also included in the policy. Hence, it is important to study all the options available before signing up for a specific policy from your insurance provider.

What Does Apartment Insurance Cover?

Regular apartments or renters insurance offers coverage for the house or apartment from smoke, explosion, fire damages. Likewise, this kind of coverage can protect both property and your belongings from acts of vandalism, water, and windstorm damage. Aside from the standard features, some policies provide coverage on:

Personal liability, which can help pay for another person’s medical bills or repairs to their property. This can come in handy if you are found to be legally responsible for the injuries that happened on the property, apartment, or house you are renting or damage to the property itself.

Loss of Use

Loss of use in apartment insurance offers reimbursement for various additional expenses such as living expenses when a covered loss prevents you from living in a home. Apartment insurance protects you from that kind of damage too if an insurance broker or carrier has it included in their policy.

How Much is Apartment Insurance?

The average monthly fee for apartment insurance in the US is around $225 per year or close to $19 per month. What is surprising about apartment insurance is that only 40% of all renters actually have a renters policy despite being priced relatively low compared to other insurance types.

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Protecting Your Condominium from the Unexpected: Loss Assessment Coverage

Whether your condominium is located in the center of a major city or on the outskirts, it costs at least a few hundred thousand dollars – the average price of a condo in New York and Los Angeles can reach $1 million for that matter – and is likely insured. And just not insured! It […]

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Dwelling Coverage: Protecting the Physical Structure of Your House from the Unexpected

Dwelling coverage is arguably the most essential part of any homeowners insurance policy, as it covers not only the physical structure of your building but also the physical structure of the adjacent buildings or structures

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Protect Yourself from the Unexpected by Taking Advantage of Umbrella Insurance

With over $1.3 trillion paid in premiums annually, the ever-growing U.S. insurance industry is among the first to recover from the coronavirus pandemic, and not without a reason. The core insurance products – health, home, and auto insurance – are considered indispensable by the majority of Americans and are often compulsory. But what about extra […]

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Proof of Renters Insurance: Everything You Should Know

Modern Americans love renting houses and apartments much more than buying them, which is confirmed by the ever-decreasing rental vacancy rates. In 2021, only 25% of the rented property was vacant, a significant decrease from about 40% a decade ago. At the same time, finding an affordable rental has become increasingly challenging as not only […]

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Dealing With an Out of Town Landlord: A Tenant’s Survival Guide

You may get plenty of privacy from your out of town landlord, but that counts for little when water’s gushing through your apartment like Niagara Falls and your landlord lives three states away. Protect yourself against such frustrations with these top tips. Deposit the Rent Establish an easy way to pay rent before you sign […]

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Renters Insurance: How it Shield From Abrupt Liability Claims

Imagine going on vacation for a week, then returning to the house you are renting and finding that you’ve been robbed! Your TV, laptop, jewelry, and other personal property are missing, and some of your furniture is broken. Are you able to replace it all yourself? If your answer is no, you definitely need renter […]

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Landlord Insurance: Shield the Rented Out Apartments & Buildings

Landlord insurance is a category tailored to shield rental apartments or buildings from material losses, damages inflicted by tenants, and weather-related causes, including winds, hail, lightning, and others. It generally incorporates safety and required repairs of dwelling and other essential structures like a fence or garage. If this is your first time renting out a […]

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Flooding, Rains, Melting Snow: What Does Flood Insurance Cover?

Flood insurance is specifically tailored to shield the property, its framework, and stored possessions from dwelling-specific losses and destruction inflicted by flooding, rains, melting snow, clogged drain lines, and others. The cost has to do with the property type, dimensions, area, and other individual factors. Flood insurance provides financial support to the policyholder in the […]

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Condo Insurance: The Most Important Things to Know and then Some

Condominium insurance is a specific form of insurance aimed at safeguarding the living space by covering both the overall core structure of the building and the items stored inside it from the indicated perils like theft and damages caused by acts of vandalism or fire. It provides financial support for when disaster strikes a condominium – […]

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What Does Home Insurance Cover?

Home insurance is a category aimed at safeguarding the structure of private residences, dwellings, and items stored inside. The policy typically incorporates different forms of protection, including numerous losses and, in individual cases, extra living costs. It can also secure the homes and adjacent areas from disaster-specific damages. Home is not only where the heart […]

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