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Do You Need Renters Insurance For Your Broad Ripple Apartment?

March 17, 2021

Exterior of a Broad Ripple apartment

Life is full of risk, but you can still protect yourself against unforeseen events. If you think you don't need insurance unless you are a homeowner, think again. With renters insurance for your Broad Ripple apartment, you are able to recoup from the destruction caused by a disaster.

Make an non-binding appraisal of your home. Could you cover the expense to purchase a new flatscreen, couch, or other items if a disaster occurred? It doesn’t matter what size your apartment is, you likely possess some expenses in goods that should be covered.

Model living room in Broad Ripple apartments

What Exactly Is Renters Insurance In Broad Ripple?

Unlike homeowners insurance, a renters plan is not designed to cover the physical building. Renters insurance for your Broad Ripple apartment will cover those expensive electronics, jewelry, and other items in the event of a fire, theft, or various other disasters. Flooding and earthquakes are usually not covered unless added as a rider, so make sure to read through the policy before finalizing the policy. You may not be aware, but you can get renters insurance for month-to-month rentals.

Just remember that insurers offer two types of reimbursement options: actual cash value and replacement cost. An actual cash value coverage is less expensive as it reimburses based on the value of items when a claim is made. If your leather sectional has many years of use, the reimbursement will reflect that depreciation. Conversely, replacement cost policies allow you to replace the insured possession with a similar, brand new item.

Dining room at model Broad Ripple apartments

What Amount Of Renters Insurance For My Broad Ripple Apartment Should I Get?

You might be surprised at the overall value of your possessions when you add them all together. Carefully document your personal effects and assign an estimated value . The final total will provide a clearer picture of how much protection you will need.

There’s no cause for concern if your asset total seems too large for a monthly premium. Even people 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 structure.

Liability Insurance for Property Damage And Personal Injury

In the rare event that a guest suffers an injury within your unit and files a lawsuit, renters insurance may cover 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 at a different location. But keep in mind, some plans will only submit reimbursement for an injured party but not lawyer or court fees.

Do You Need Temporary Lodging?

If a fire, smoke, or some other disaster leaves you with an unlivable apartment, you will have to find temporary living arrangements. Your renters insurance may provide reimbursement for extended-stay hotels and food expenses.

Rental Insurance Applicaation

Select The Best Deductible

Now that you know about the primary features of renters insurance, you need to select the deductible. This is the chunk you must cover from your savings before the insurance payment is applied. A high deductible equates to more affordable premiums, while a smaller deductible leads to increased monthly rates.

For instance, say you decide on a $1,500 deductible on your renters insurance. Then, your home suffers storm damage resulting in $5,000 in damage or liability claims. 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 right place to live. You will enjoy spacious units with plenty of great features at Park 66 Flats. Book your tour today and choose from floor plans that will accommodate your lifestyle.