ExecutiveChronicles.com | First Time Apartment Rental: What is Renter’s Insurance? | Looking for an apartment to rent can be a ton of fun!
When you are apartment hunting for the first time, the possibilities seem endless! But first-time apartment hunting can also be a bit daunting. There is a ton of information you need to know and documentation you need to get together,
If you are thinking about moving out and renting a place on your own, you should fully understand certain things like renter’s insurance before applying anywhere.
Keep reading to find out all about renter’s insurance and how to find a package that works for you.
Do I Need Renter’s Insurance?
Most landlords will require you to have some renter’s insurance when you move into your apartment. It protects you in the case of theft, or any other type of damage, like flooding, fire, etc.
If you don’t think the cost per month is worth it, do a quick calculation of how much the items in your apartment are worth. You may be surprised because it adds up quickly. Think about how much it would be to replace everything if you lost it in a fire. Now, do you think renters insurance is worth it?
How Much Is Renter’s Insurance?
The cost of renter’s insurance will change based on how much your items are worth, the building you might live in, and if your apartment is on the first floor vs. the top floor.
Get a few quotes from a variety of companies to see what kind of cost per month you are looking at. If you drive, you can also bundle your car insurance with your apartment insurance. Bundling can save you quite a bit of money.
How to Choose Renter’s Insurance
We mentioned it above, but it’s always good to get quotes from various insurance companies. Companies like APOLLO Insurance will take all of your information and give you a quote based on the type of apartment building you live in, the number of items you own that you want to be insured, and more.
Take a look at online reviews and figure out what is important to you. Do you want to bundle your insurance? Do you live in a place with a ton of earthquakes, so you want earthquake insurance? Think about what your specific needs are and look for insurance that covers it all.
Are You Ready for Renter’s Insurance?
Renter’s insurance is a great way to ensure you and your landlord are protected if something happens. You don’t want to be paying out of pocket for costly repairs or replacing items should they be stolen or damaged.
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