An essential part of moving into a new residence is switching over all the insurance policies you may have to your new address. You may have car insurance that requires an address update, as well as health insurance that requires an update on your status because of a recent marriage. Another type of insurance that you might not be aware of but which may prove beneficial is renter’s insurance, which may offer some benefits to you as an apartment dweller, as well as be required by your landlord or property owner.
If you’ve never had a renter’s insurance policy or you’re thinking about getting one, here are some of the reasons such a policy may be a good idea.
Renter’s Insurance Helps When Disaster Strikes
If you’re a relatively new apartment resident and you don’t have many years of living on your own under your belt, you may not own too many pieces of nice furniture or a lot of high priced electronics. However, you may also not have the extra income to cover replacing the items you do own in the event of a fire, flood, or theft. Renter’s insurance usually isn’t that expensive, and you can often protect the contents of your entire apartment for about $10 to $20 a month.
Consider the cost of replacing all of your clothes. You may own clothes you purchased for work, as well as a wardrobe for different seasons. Replacing a few pairs of pants, some shirts, and a few jackets and shoes could cost a few hundred dollars. And that’s just one facet of your life that could be lost to fire or theft.
Another benefit of renter’s insurance is explained well by Nerd Wallet:
“You don’t have to couch surf while your apartment is undergoing repair after a disaster like a fire. Renters insurance includes “additional living expenses” coverage if your place becomes uninhabitable after a disaster and you need to find somewhere else to live temporarily. The coverage would reimburse you for extra expenses, such as the cost to stay in a hotel or rent another apartment.”
Taking a quick look at the policy you wish to buy will tell you your coverage limits and how much your policy covers, as well as whether it includes benefits like paying for a hotel while you’re waiting to find a new home or for completion of repairs on your apartment.
Your Property Owner May Require Insurance
Not only can renter’s insurance aid you when disaster hits, but it can also ensure you abide by the rules of your apartment lease agreement and in the event someone takes you to court over an injury in your apartment. Although you might find it unlikely that someone would sue you because of an injury on your property, a policy could actually help cover the cost of damage to someone’s property.
Imagine a child who accidentally breaks a vase or an expensive item. A renter’s insurance policy could help cover the cost of replacing it. Additionally, the liability coverage of the policy could help you deal with a lawsuit or remain financially protected in the event of legal action.
Enjoy Every Day at City North Seattle
Moving to North Seattle means finding a new home, and City North Seattle offers studios, 1-bedroom apartments, and 2-bedroom apartments in North Seattle for rent. Whether a cozy studio or a spacious 2-bedroom is your idea of a perfect apartment, we have a floor plan that will appeal to you. Get in touch today for information about our wonderful apartment community and to arrange a time to visit.