John just\nmoved out of his parent\u2019s home and is renting an apartment for the first time.\nHe wants to buy a house soon but plans to rent for a year or so until he is\nready. John didn\u2019t have a lot of belongings when he moved in, but recently\ninvested in a new couch, a new TV and bought a dog. John will obviously\npurchase homeowners insurance when he buys his home, but does he really need\nrenters insurance coverage while he is living in the apartment for such a short\ntime? <\/p>\n\n\n\n
It is a common\nmisconception that apartment insurance is not necessary. Many people think that\na landlord would have coverage that protects the property. While that is\npartially true, John would still need a renters insurance policy to protect his\nbelongings and to provide liability coverage for the unexpected. <\/p>\n\n\n\n
Coverage:<\/strong> Liability protection <\/p>\n\n\n\n Why It Matters:<\/strong> An injury\nsustained at your apartment could result in a lawsuit, which you could leave\nyou on the hook for a hefty expense. Whether it\u2019s a guest who was bitten by\nyour dog or a maid service that tripped and fell on a lifted piece of carpet \u2013\ncountless accidents could happen that may wind up to be costly lawsuits. <\/p>\n\n\n\n Coverage:<\/strong> Personal property protection in your\nrental<\/p>\n\n\n\n Why It Matters:\nA burglary or a fire could leave you with your valuable items and property\ndestroyed. If all of your belongings were ruined tomorrow, would you have\nenough money in your savings to replace them? If not, you should consider\nrental insurance. <\/p>\n\n\n\n Coverage:<\/strong> Loss of use<\/p>\n\n\n\n Why It\nMatters: Imagine if a fire destroyed your apartment, and you were forced to\nstay in a hotel for an extended period until you made other living\narrangements. It would likely be a costly expense for you, which fortunately\nwould be covered by renters insurance. <\/p>\n\n\n\n Coverage:<\/strong> Property protection anywhere<\/p>\n\n\n\n Why It\nMatters: With renters insurance, your belongings are protected anywhere in the\nworld. Whether your property was stolen from your car parked at work or your\nitems in your storage unit were damaged, renter insurance can provide coverage.\n<\/p>\n\n\n\n While renters\ninsurance coverage can provide a wide variety of protection, it is essential to\nnote that there are some exceptions and exclusions to the coverage. Some\nexamples include: <\/p>\n\n\n\n High-value\nitems such as jewelry fine art and antiques may not be fully covered. <\/p>\n\n\n\n The\ndestruction of property caused by certain natural disasters such as flooding or\nearthquakes may not be covered with a standard policy; however, specific\ncoverage may be available to cover this type of loss. <\/p>\n\n\n\n The structure\nof the building itself \u2013 this would be covered by your landlord\u2019s insurance\npolicy. <\/p>\n\n\n\n The best way\nto determine how much rental insurance you need is by taking an inventory of\nthe items you own and developing an approximate estimate of the total value. <\/p>\n\n\n\n When it comes\nto policy options, you will have the ability to choose between being reimbursed\nfor your items based on fair market or replacement values. A replacement value\npolicy is more expensive because it will pay to replace your item with a\ncompletely new one. A fair market value policy will calculate your coverage\nbased on the cost of the item minus depreciation. <\/p>\n\n\n\n A renters insurance quote is based on several factors, which include where you live, the type of policy you select and the amount your belongings are worth. If you are concerned about paying a monthly or annual premium, you may be surprised to learn that it is possible to find cheap renters insurance with a respected insurance provider. Contact a licensed agent today to learn more about a policy that can meet your needs. <\/p>\n\n\n\n InsureOne offers affordable renters insurance you can depend on. Request a free renters insurance quote online<\/a> or over the phone at (800) 836-2240<\/strong>. Make sure you and your belongings are covered with a renters insurance policy. <\/p>\n\n\n\nWhat is Not Covered by Renters Insurance? <\/h2>\n\n\n\n
How Much Renters Insurance Do I Need?<\/h2>\n\n\n\n
How Much Does Renters Insurance Cost? <\/h2>\n\n\n\n