If you're moving into a new apartment, you may have a lot to take care of. Moving out of an old living space into a new one can be very overwhelming. Packing, cleaning, and paying your deposit and first month's rent are all on your to-do list. When things are so hectic, it's no wonder that so many people forget about what renters insurance cost they'll have to pay when they decide to rent an apartment, a home or condo.
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Even though your landlord is required to have insurance on the property you're living in this insurance only covers the building itself, and does not cover any of your personal belongings. This means that if you're not covered and there is a theft or other property damage or liability lawsuit your belongings are gone and you have no safety net to help replace them. Simply put, having renter's insurance helps you protect your personal belongings.
There are several different perils owning insurance as a renter can help protect your belongings from. To name only a few of these perils: theft, vandalism, damage done by civil unrest and damage done by severe weather such as heavy rain or snow. While these situations are not the only ones your insurance will cover, you must review your policy in order to make sure you know what you're paying for.
Keep in mind that if you live in coastal areas that are prone to severe weather such as hurricanes, floods and earthquakes your primary renters insurance may not cover such damage. In this case, you may actually have to buy additional coverage. It is possible to get the coverage you need if you pay additional fees.
Make sure you talk to your agent about the type of reimbursement you'll receive in case of emergency. Some agencies will only offer you the value of your items. This means if you bought an item years ago and its value has depreciated that's what you'll get in return in case of emergency. It does not matter that you'll pay current price when you have to replace the item.
If your place of residence becomes unlivable due to damages from an emergency situation, an insurance policy typically covers living expenses. This means that the insurance company will pay your expenses in another residence that is in a similar price range to what you were initially paying until you relocate or move back into your initial apartment. Check your policy for limitations.
You're probably wondering what all this is going to cost you. Well, just like all insurance premiums there are several factors to consider. Where you live and what you own will impact the cost of your insurance premiums. However, there are several things that you can do to keep your costs in check.
If you want to keep your renters insurance cost under control, make sure to shop around. The easiest way is to go online and fill out a few free renters insurance quotes. Within minutes you can easily compare all the quotes from various insurers and choose the best rate. If you can afford it, increase your deductible. Most insurance companies offer discounts for protective devices such as smoke detectors and alarm systems. If you have these devices as home, make sure your insurance agency knows about it.