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Should You Purchase Renter's Insurance When Renting An Apartment?

There are landlords that require that all tenants purchase renter's insurance policies when moving into their apartments for rent, but there are also landlords that allow this to be an optional choice. If you are renting an apartment and have the option of purchasing renter's insurance, you should buy a policy, even though it is not mandatory. Having renter's insurance is affordable and provides coverage for the things you own. Here are a few important things to understand about renter's insurance coverage.

It protects your belongings

Did you realize that your landlord will have insurance on your apartment? You probably knew that, but did you know that this will only cover the structure of the unit? This policy will not cover the things you own. If you have furniture, clothing, or other normal types of belongings, you will have no coverage for them if you do not have a renter's insurance policy. If a fire consumes your entire apartment, you will have no money coming in to replace all the things you own unless you have renter's insurance. This is the main reason you should purchase a policy.  

It provides coverage for other things too

It is also important to understand that renter's insurance provides coverage for other things too. For example, if you placed personal possessions in your car and someone stole them, your renter's policy would probably provide coverage for those items. Additionally, a renter's policy offers liability protection, which is important if someone gets injured in your unit.

It is affordable

The good news about renter's insurance is that it is very affordable. Most people pay around $184 for this type of coverage, and that provides coverage for an entire year. Paying only $184 a year for this type of coverage is well worth it and is affordable enough for almost anyone.

Keep in mind, your policy premium will be based on the amount of coverage you need, your location, and several other factors, and you can get a free quote by contacting an insurance company. You should also realize that most landlords do not require renter's insurance, but they do encourage that all tenants purchase a policy before moving in.

If you want to protect the things you own when renting an apartment, you should purchase a renter's insurance policy. If you have questions about this or other things related to renting an apartment, contact a property management firm today.