Renter's Insurance
Apartment rental insurance is a special policy that protects the contents of your apartment from loss or damage.
Similar to homeowners' insurance, apartment rental insurance covers your property losses in a variety of situations
including fire, hail, theft and electrical current damage. It also covers your liability if someone is injured in
your apartment or by your pet. While each apartment community has its own insurance policy, that insurance covers
only the dwelling. It specifically excludes your belongings. That’s why you need apartment rental insurance.
And it won’t cost you an arm and a leg! Many people don't have apartment rental insurance because they think it will
be too expensive, however compared to Home Owner’s Insurance apartment rental insurance is inexpensive. Premiums
are calculated based upon the value of furniture and other personal possessions, and most companies offer
policies with coverage starting at $15,000. You may not think you own a lot, but replacing everything you own
might be required if a fire does break out and this alternative could be expensive.
When looking for coverage, see if the company will pay for " Actual Cash Value (ACV)"
or "Replacement Cost Value (RCV)".
ACV will cover what your property was worth when damaged or stolen. RCV will cover what it costs to replace the
property. Some high-value items such as expensive electronics, jewelry, or professional equipment may require
separate coverage called “riders”. Be sure to check first with your apartment rental insurance company before
purchasing a policy.
A good place to start looking for apartment rental coverage is with your auto insurance carrier who might
give you a better rate for owning multiple policies. Also, shop around on the internet by getting rate quotes from
popular insurance carriers or check out the following web sites for quotes offered by competing companies:
For more information on renter’s insurance check out the following links: