If you’re getting ready to move into your first apartment, congratulations! It’s an exciting time with many things to do—including budgeting for the expenses that go along with apartment dwelling. Whether you’re a college student living off-campus, a professional starting your career and moving out on your own, or someone who is downsizing to apartment living, there’s one thing that you should definitely include in your monthly budget and that’s renter’s insurance.
While you may be more excited about making room in your budget for new furnishings and décor than insurance premiums, it’s really not something you can live without. In fact, some landlords require their tenants to purchase renter’s insurance as part of the lease agreement. Even if it’s not required, most landlords strongly encourage it. Your landlord’s insurance policy won’t protect your assets in situations such as fire, theft, flood or an accident that happens to someone visiting your apartment.
The good news is that renter’s insurance is quite affordable—especially when you consider the protection it provides for your personal possessions. An insurance professional can help you determine the policy that is best for you based on the following:
- Personal property coverage – Renter’s insurance policies cover your personal belongings in the event of a loss caused by common perils such as fire, smoke, theft, water damage, and vandalism.
- Liability – You may not have thought about it, but as a renter, you’re responsible for the safety of anyone visiting your apartment. This means that if someone is hurt while visiting you and decides to sue you, you need to have liability coverage to help with the resulting legal expenses.
- Medical payments – In addition to liability coverage, your renter’s insurance may include coverage for medical bills for a visitor to your home who sustains an injury.
- Living expenses – If your apartment is damaged and becomes uninhabitable due to a fire, storm, or other qualifying event your renter’s insurance policy may include a “loss-of-use” provision which pays for the cost of meals and temporary accommodations while your rental unit is repaired.
- Optional coverage for high-value items – If you have expensive jewelry, art or other items, they may not be covered by your standard renter’s insurance policy, or not covered at their full value. So, you’ll want to consider adding an insurance rider that provides extra coverage for high-value items.
As you prepare to move into and budget for your first apartment, make sure to include renter’s insurance. While we hope you never need it, the protection and peace of mind it provides is worth the expense.
Contact Kemner Iott Benz Today!
If you have any questions about renter’s insurance, contact one of our insurance professionals, they’ll be happy to answer them!
Kara Dominique specializes in asset protection and risk management for our personal lines customers at Kemner Iott Benz. Kara is a resident of Tecumseh, MI, a member of the Zonta International Club Lenawee, and a graduate of the Lenawee United Way’s Emerging Leaders Program.
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