When renting an apartment, whether you are a first time renter or an experienced renter, it is important to purchase renters’ insurance! It is one product that I definitely recommend getting when leasing an apartment. Renters’ insurance is generally not required to get when living in an apartment, but it is necessary and extremely smart to get it anyways.
We all think that incidents like theft, fire, flood, etc will never happen to us, but they could. Renters’ insurance is there to protect your belongings that you bring into the apartment. Your landlord will not be responsible for damages to your property. The landlord has their own insurance to protect their buildings and the furniture or whatever they provide in the apartment. They will not protect your belongings, which is important to know and realize.
One of the apartment units that my company managed unfortunately had a fire. The male residents lost pretty much all of their belonging or had some sort of smoke damage to them. The fire was not bad and was controlled quickly; however, that did not prevent damage to their belongings. None of the four residents had renters’ insurance. Therefore, they will have to pay out-of-pocket to get new things that they lost in the fire. It can protect so much and help ensure that if something happens to your belongings that they are insured and you will receive money to replace them. Make sure to take pictures of your belongings that you have brought into the apartment and have any serial numbers for expensive products in a safe place to help with your claims if something were to happen to your apartment.
Renters’ insurance is generally pretty affordable at an estimated cost of about $180 a year (could be more or less depending on the coverage you choose). I think spending that much money is worth it when it could potentially save you thousands of dollars if you had to replace some of your belongings. Everyone hopes that it never comes down to having to use your coverage to replace your belongings from your apartment, but disasters and theft do happen. It is always better to be prepared and have it just in case!
I recommend getting this for any renter. When reading a lease agreement, make sure that you a re clear that it is not provided and your belongings are not protected. Talk with an insurance representative about getting renters’ insurance and what kind of coverage you should get!