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Are You Thinking About Getting Renters Insurance For Your Broad Ripple Apartment?

It’s true that life is unpredictable, but you can still protect yourself against unforeseen events. If you think you only require insurance if you are a homeowner, think again. When you have renters insurance for your Broad Ripple apartment, you are able to recover from damages caused by a disaster.

Make an informal appraisal of your home. Could you cover the expense to replace your TV, stereo, furniture, and other belongings if a disaster occurred? It doesn’t matter what size your apartment is, you may have some expenses in goods that should be covered.

Living room in Broad Ripple apartment
Model Living Room at Ivy Towns and Flats

What Should I Know About Renters Insurance In Broad Ripple?

Different from standard home insurance, a renters plan is not designed to cover the physical building. Renters insurance for your Broad Ripple apartment provides coverage for those expensive electronics, jewelry, and other items in the event of a theft or fire. Flooding and earthquakes are usually not covered except when amended by your policy, so be diligent and read through the policy before finalizing the policy. You may even get renters insurance for month-to-month rentals.

Just remember that insurers provide two kinds of reimbursement: actual cash value and replacement cost. An actual cash value coverage is cheaper as it reimburses based on the present-day worth when a claim is made. If your leather sectional is several years old, the payout will factor in depreciation. Conversely, replacement cost policies allow you to rebuy the insured possession with a comparable new one.

View of Broad Ripple living room

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

You might be surprised at how much your belongings are worth when you add them all together. Carefully document your items and assign an estimated value . The final total will give you a good idea of how much protection you will want.

There’s no cause for concern if your final calculation appears to be too much for you to insure. Even renters with thousands of dollars in belongings can get cost-effective plans that won't break your budget. Keep in mind, you're only insuring your possessions, not the building.

Get Extra Protection from Liability

If a guest is injured within your unit and takes legal action, a renters insurance policy can protect you. You can expect to find $100,000 in liability protection for circumstances that involve personal injury, property damage, and legal representation. Your liability insurance could even offer protection if you are involved in an incident away from your apartment. But keep in mind, many policies will only submit reimbursement for personal injuries but not lawyer or court fees.

Do You Need Temporary Lodging?

When a natural disaster leaves you with an unlivable apartment, you will need a temporary place to live. Your renters insurance may provide reimbursement for extended-stay hotels and food expenses.

Rental insurance application

Choose The Right Deductible

After exploring the primary features of renters insurance, you need to select the deductible. This is the chunk you must cover out of pocket before the policy kicks in. A high deductible equates to more affordable premiums, while a smaller deductible means higher premiums.

For instance, let’s say you select a $1,500 deductible for your policy. Next, your home suffers storm damage occurring $5,000 in damages and liability. The policy will only cover $3,500 or the part that remains after the payment of your deductible.

Need An Apartment In Broad Ripple Before Deciding On A Policy? 

Before you can invest in renters insurance, you must select the perfect apartment. You can find roomy units with plenty of great features at Park 66 Flats. Book your tour today and choose from floor plans that will accommodate your lifestyle.
Park 66 Flats
888 E. 66th St.
IndianapolisIndiana 46220
Phone: 317-820-2209
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Office Hours
  • Monday  9:00 - 6:00
  • Tuesday  9:00 - 6:00
  • Wednesday  9:00 - 6:00
  • Thursday  9:00 - 6:00
  • Friday  9:00 - 6:00
  • Saturday  10:00 - 5:00
  • Sunday  CLOSED
Apartments Close to Broad Ripple, IN
J.C. Hart is an equal housing opportunity provider.
Park 66 Flats
Park 66 Flats is a luxury apartment community located at 66th St. and Ferguson St. in Broad Ripple. Owned and operated by the J.C. Hart Company, Park 66 Flats is committed to making a place our Residents can call home. We offer many floor plans and amenities to fit your lifestyle, and our Residents love living near The Monon Trail.
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