What is the apartment renters insurance cost?


Apartment renters insurance doesn't cost a fortune - in fact, you can buy protection for the place you rent for between $100 and $200 a year, not including the discounts. This doesn't mean you shouldn't shop around - it is still important that you find a rental policy that is tailored to your specific needs.

When to Buy Apartment Renters Insurance

You need apartment renters insurance to protect you from liability or cover your personal belongings from the risk of them being stolen or damaged if you are renting an apartment. Here are a few reasons why:

  • Since you are not the owner of the venue, your possessions are not covered under the Homeowners insurance policy. In the event of a break-in or weather damage to the rented apartment, the building dwelling will be covered by the owner's home insurance policy but your personal belongings won't. Added up, the cost of your belongings can be really high, therefore, it is highly advisable that you do buy renters insurance if you don't own your current residence.
  • If an accident resulting in a serious third-party injury occurs on the premises of the apartment you rent, you can be held liable for the conditions which have led to the incident. Similarly, any property damage will be considered your responsibility. Apartment renters insurance covers liability in both hypothetical situations.
  • If you have a student away from home and they live off-campus, your Homeowners insurance will not be enough to protect them. They will need their own apartment renters insurance policy.

Most rental contracts nowadays require that tenants buy rental insurance before moving in. You may be able to shave some dollars off your premiums by raising your deductible to $1,000 and get your apartment renters insurance from your auto insurer. However, always make sure you do buy adequate coverage!

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