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A J.C. Hart Apartment Community in Greenwood, IN

Do You Need Renters Insurance For Your Greenwood Apartment?

March 17, 2021

Exterior of a Greenwood apartment

Life may throw you curveballs, but there are ways to protect yourself against disaster. If you think that insurance is only necessary if you purchase a house, you might be making a costly mistake. When you have renters insurance for your Greenwood apartment, you can get back some losses after a fire, theft, or other emergencies.

Take a quick check around your place. Would you be able to take on the financial burden to buy new replacements for your furniture and electronics if a flood or fire caused excessive damage? No matter the size of your space, you may have thousands of dollars in personal property that you need to protect.

Model living room in Greenwood apartments

What Should I Know About Renters Insurance In Greenwood?

Different from standard home insurance, a renters plan is not designed to cover the actual apartment building. Renters insurance for your Greenwood apartment is used to replace your personal belongings like jewelry and electronics in the event of a fire, theft, or various other disasters. Flooding and earthquakes are most often excluded unless specifically added, so be diligent and read carefully during finalizing the policy. You even have the option of buying renters insurance for month-to-month rentals.

Be sure to consider that insurers offer two types of reimbursement options: actual cash value and replacement cost. A cash value coverage is cheaper as it reimburses based on the value of items when you make a claim. If your flatscreen TV is several years old, the reimbursement will factor in depreciation. On the other hand, replacement cost policies allow you to replace the damaged item with a comparable new one.

Dining room at model Greenwood apartments

What Amount Of Renters Insurance For My Greenwood Apartment Do I Need?

You will likely be amazed at the dollar amount of your items when adding them up. Carefully document and give an approximate value . The resulting sum will give you a good idea of how much coverage you will want.

It’s OK if your final calculation appears to be too much for you to insure. Even tenants with some expensive heirlooms will have access to reasonable premiums that are easy on your bank account. Keep in mind, you're covering your personal items, not the building.

Liability Coverage for Property Damage And Personal Injury

When a person suffers an injury at your home and takes legal action, a renters insurance policy can protect you. You can expect to find $100,000 in liability insurance for situations involving property damage and personal injury. This added benefit of renters insurance could even offer protection for injuries suffered away from your apartment. However, many policies will only submit reimbursement for an injury but not legal representation.

Loss of Use Benefits

If a fire, smoke, or some other disaster makes you to vacate the premises, you will have to find temporary living arrangements. Your renters insurance may provide reimbursement for hotels and restaurants.

Rental Insurance Applicaation

Select The Best Deductible

Now that you know about the primary features of renters insurance, you should decide on the deductible. This is much you owe out of pocket before the policy kicks in. A larger deductible means lower monthly premiums, while a reduced deductible results in increased premium costs.

For example, let’s say you select a $1,500 deductible for your policy. Sometime later, your apartment has a fire resulting in $5,000 in damage or liability claims. The policy will only cover $3,500 or the part that remains after the amount of your deductible.

Ready To Find An Apartment In Greenwood Before Getting a Plan? 

Before making a decision on renters insurance, you’ll need to find the most suitable accommodations for your lifestyle. You have access to smartly designed floorplans with all the amenities you want at Verge. Book your tour right now and choose from floor plans that make sense for your busy life.