- A renter's insurance policy covers the damage to your personal property according to hazards specified in the policy document. These coverages might include break-ins, theft, vandalism, weather, water damage from pipes and faulty roofs and fire damage. Don't assume that your policy includes protection against flooding, especially if you live on the first floor of the apartment building. Just like homeowners, apartment dwellers have to purchase flood insurance, if available, separately from renter's insurance.
- Think about the expense of replacing your personal belongings if your apartment is ravaged by a fire. You would find it hard to buy new furniture, electronics, computers, jewelry, sporting and musical goods and clothing. You could make a claim against your renter's insurance. Look for a company with a deductible you can afford for each loss, or, even better, look for a company that requires no deductible. You will have to meet a deductible, pay it in full, before an insurer will reimburse you for lost or damaged personal belongings.
- You don't just need to cover the losses of personal belongings in your apartment. There is a risk that people who are in your apartment, your guests, can get injured, such as slipping and falling in the bathroom. Your apartment insurance policy can include guest medical coverage. They will receive payments for medical bills as a result of getting injured inside your dwelling.
- You can get discounts on your renters insurance policy by proving to your insurance company that you have implemented safety measures inside the dwelling. For example, your insurance company might feature discounts for sprinkler systems, monitored fire and burglar alarms, local ultrasonic burglar alarms, deadbolts and fire extinguishers. That is something to think about the next time you are looking for an apartment. You might also save by buying coverage from the same company that holds your auto insurance policy.
Types of Loss
Personal Belongings
Medical Protection
Discounts
Source...