Why Apartment Building Insurance Will Not Protect You

If you rent an apartment, you may believe that the apartment building insurance will protect your belongings in the event of a fire, flood, theft or other catastrophe.  However, this assumption would be incorrect.  Renters insurance is the only way to ensure that your belongings are protected from harm.  What should you know about renters insurance?  What types of protection can you find with this insurance?

You will find a wide range of different types of protection available with different providers.  For instance, you can choose fire and/or lightning hazard protection.  You can also choose from theft, vandalism, water damage, smoke damage, wind damage and numerous other options.  In addition, you will find that most renters insurance policies cover medical payment coverage for anyone injured in your home that does not live there.  This can be a lifesaver if someone has an accident in your home.  You might believe that the apartment building insurance will protect you here, but this is not the case at all.

Where should you get renters insurance?  You will find a wide range of different insurance companies out there that can help you with this need.  However, not all insurance companies are created equal.  You will need to choose the right provider so that you are protected.  Regardless, not relying on apartment building insurance is essential.  When choosing a provider and policy, first look into the insurance company.  Is the company one that you know?  Do they have a good history with their customers?  What is their reputation where claims are concerned?

Many “budget” companies are slow to pay insurance claims, or try to deny claims made by their customers.  This is obviously a poor scenario.  With a bit of research, you can ensure that you do not fall victim to this type of company.  Of course, you will also need to look into the policy in question. The amount of protection afforded your possessions should be enough to replace them if you had to repurchase them today.  In addition, you should make certain that your furniture, electronic equipment, jewelry and all other items are covered by the insurance plan.  Apartment building insurance will not protect you, but the right renters insurance will.

As a final note, check out what “named perils” are covered on the insurance plan.  Not all insurance companies offer all forms of coverage and other companies charge extra for certain types of coverage, so know what you are getting.

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