Apartment Insurance

Apartment insurance is often times referred to as renter's insurance. But no matter what you call it, this type of coverage is meant to protect you against loss and damage of personal items when renting a living space. Many renters believe that they do not need apartment insurance because they think that they will be covered by their landlord's insurance. But the fact of the matter is that this will only cover the building itself. It is on your to get the appropriate renter's insurance.

So what does apartment insurance cover?

1. Theft
2. Vandalism
3. Fire and smoke
4. Water damage from appliances, flood
5. Lightning and wind

Here are some of the possible personal items that renter's insurance would cover.

1. 1. Computers and other electronic items
2. 2. Clothes
3. 3. Furniture
4. 4. Personal appliances
5. 5. Antiques and collectibles

In addition to covering your persona items, renter's insurance also offers liability coverage if someone is injured while visiting and in turn decides to file a lawsuit. More so, it will also cover your living expenses if you are forced to move due to a disaster.

Most renters are also quite excited when they find out that their policy is not going to cost them an arm and a leg. Since they do not have to buy coverage for the structure of the building, renter's insurance can cost as little as $15 a month or so.

Types of Renter's Insurance Policies

There are two types of renter's policies to consider:

1. Replacement cost: This pays the actual cost of your personal belongings with no deduction for depreciation. With this type of policy you will receive the full amount of what you paid for your items; regardless of when you bought it.
2. Actual cash value: This type of policy pays to replace your personal items, but a deduction is taken for depreciation. Obviously, this type of policy is the cheaper of the two in most cases.