Most people don’t realize that if you rent an apartment and have a robbery or fire, your landlord’s policy does not cover your personal property. If you have stereos, computer equipment, nice furniture and belongings, a renter’s policy is a good idea. The amount of coverage depends on how much your belongings are worth. The average person has over $20,000 worth of items. Those would be costly to replace.
Special Riders for Special Items
Perhaps you have valuable items in your apartment like art, silver, jewelry, fur coats, or golf clubs. If so, you may want a Scheduled Personal Property rider to cover them with protection against break-ins, fire, and other damage.
Another good reason for having renters insurance is that you could be held responsible for injury to someone or or their property if an incident occurred within your rented residence. Check with your advisor about umbrella protection.
Multipleline Discounts
With many companies, when you have renters and car insurance from the same company, you receive a discount on
both policies.
If you have smoke detectors, security systems or alarm systems, you may be eligible for discounts on your policy.
Higher Deductibles Can Lower Your Premiums
You will pay less for your policy but more when you have a claim.
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