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:
- Furniture, clothing, other items
- Medical payments to others
- Building alterations and addition costs
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.
