Life may throw you curveballs, but there are ways to safeguard against unforeseen events. If you think that insurance is only necessary if you purchase a house, you may need to take another look. By investing in renters insurance for your West Lafayette apartment, you can recoup some losses after a fire, theft, or other emergencies.
Do a quick survey of your apartment. Would you be able to afford the cost to purchase a new flatscreen, couch, or other items if a flood or fire caused excessive damage? No matter what size your apartment is, you likely possess thousands of dollars in belongings that require insurance.
What Should I Know About Renters Insurance In West Lafayette?
Different from standard home insurance, renters insurance does not involve the physical building. Renters insurance for your West Lafayette apartment provides coverage for your personal belongings like jewelry and electronics in the event of a fire, theft, or various other disasters. Keep in mind that earthquakes and flooding are typically not included except when amended by your policy, so take your time and read the fine print during finalizing the policy. You even have the luxury of getting renters insurance for short-term rentals.
It’s important to note that insurers have different ways to reimburse you: new replacement or current cash value. The actual cash value plan is less expensive as it considers the current value when you make a claim. If your flatscreen TV has been around for awhile, the payout will factor in depreciation. Conversely, replacement cost agreements allow you to rebuy the damaged item with a similar, brand new item.
What Amount Of Renters Insurance For My West Lafayette Apartment Should I Get?
You might be surprised at how much your belongings are worth when you add them all together. Create an inventory of your items and assign an estimated value . The resulting sum will give you a good idea of how much protection you will want.
It’s OK if your final calculation seems too large for a monthly premium. Even people with over $25,000 worth of possessions can get reasonable premiums that will protect your pocketbook. After all, you're covering your personal items, not the building.
Lock In Extra Protection from Liability
When a person is injured within your unit and files a lawsuit, a renters plan can protect you. You will typically have $100,000 in liability protection for circumstances that involve personal injury, property damage, and legal representation. Your liability insurance could even offer protection for injuries suffered away from your apartment. Even so, your insurance may only provide coverage for an injured party but not lawyer or court fees.
Coverage For Loss of Use
In the event an emergency leaves you without a home, you will have to find temporary living arrangements. Your renters insurance may reimburse for extended-stay hotels and food expenses.
Determine An Appropriate Deductible For Your Budget
Now that you know about the different aspects of renters insurance, you need to select the deductible. This is the money you will need to pay from your savings before the insurer issues payment. A high deductible means lower monthly premiums, while a reduced deductible means higher premiums.
For example, consider that you choose a $1,500 deductible for your policy. Then, your unit is impacted by a natural disaster occurring $5,000 in damages and liability. Your insurance only covers $3,500 or whatever amount past your deductible.
Ready To Find An Apartment In West Lafayette Before Getting a Plan?
Before making a decision on renters insurance, you must select the perfect apartment. You have access to roomy floorplans with a range of sought-after amenities at The Ivy Towns and Flats. Book your tour
right now and discover a range of options that are suitable for your lifestyle.