Your Guide to All Things Renter’s Insurance

renter's insurance information for an apartment

Are you thinking about getting renter’s insurance? Good. You should be!

It’s a tool that every Brodie Creek resident should have saved in their toolbox for a rainy day. Yet, we’re sure there are new residents and long-time residents out there that just don’t have it.

To us, there is an undeniable benefit to having a renter’s insurance policy. But, if you’re still not sure it’s what you want to do, we want to answer all your questions.

Is Renter’s Insurance Required?

First things first: Having renter’s insurance is not required at The Pointe Brodie Creek, but we highly recommend it.

Maybe you don’t think your belongings are that valuable, or maybe you’re trying to save money. But, have you stopped to think about what would happen in the event of incident?

Let’s say a fire, burglary, or something similar happens in your building.

The structure itself and any items inside it that we own are all covered by our insurance. You and your personal belongings are not covered.

What Does Renter’s Insurance Cover?

Basic renter’s insurance policies cover personal property, which is pretty much everything in your apartment that’s important to you:

  • Furniture
  • Artwork
  • Clothing
  • Jewelry
  • Electronics
  • Instruments
  • Sports Equipment
  • Books
  • And more

Your policy can also cover medical bills and temporary living expenses, if necessary, when something bad happens.

TIP: We recommend getting liability coverage in your renter’s insurance policy as well. This type of insurance covers any property damage or injuries that happen to other people while inside your luxury apartment.

How Does It Work?

Renter’s insurance covers your property in the event of damage or destruction. But it can also cover your neighbor if you damaged or destroyed their personal property.

For example, if a pipe bursts in your apartment, your insurance policy can cover your belongings and your neighbor’s belongings when their apartment floods, too.

After an incident occurs, you should contact your insurance company and file a claim as soon as possible.

They will take you through the steps of doing so – just make sure you don’t leave anything out. Document everything and ask tons of questions so you can fully understand your options.

TIP: Renter’s insurance doesn’t work very effectively unless you have everything covered in your policy. If you need more than the basic coverage, get more than the basic coverage.

How Much Do I Need?

The kind of insurance policy you get is completely up to you. Your coverage amount could be small or large, depending on what’s most important to you.

Just make sure you do some research before you sign on the dotted line.

Here are some terms you should consider:

  • Maximum personal property coverage ($30,000? $50,000?)
  • Maximum personal liability coverage ($50,000? $100,000?)
  • Deductible ($500? $1,000?)

Be aware that while your personal property may be covered up to a certain amount, that coverage is divided into categories. In other words, each category also has a set coverage limit.

For example, your personal property covered could be $30,000 with a $1,000 coverage limit on jewelry. If all your jewelry is stolen, your insurance provider will reimburse up to $1,000 even if you had more than $1,000 worth of jewelry.

You can expect to pay for your policy in a monthly or yearly premium. We’ve seen good policies cost as low as $10-$20 a month, so it’s well within any budget.

How Do I Get It?

All major insurance agencies offer renter’s insurance, so you can go online and take your pick when you’re ready to purchase a policy:

This list is not exhaustive, so feel free to get quotes from any insurance provider you like. Their local representative can answer any questions you have, as well.

TIP: Often, it’s easy and affordable to bundle your renter’s insurance with your car insurance. Check with your existing insurance provider to see what they offer.

Is Renter’s Insurance Important?

After going through all this information, it should be obvious by now that getting renter’s insurance for your apartment is very important. It’s also affordable!

So, if it’s this easy, why wouldn’t you take out an insurance policy?

Feel free to ask our team if you have questions about getting renter’s insurance. We know several local insurance agents that would be happy to help you find the perfect policy.

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