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Why Should You Get Renters Insurance For Your West Lafayette Apartment?

Life may throw you curveballs, but there are ways to safeguard against unforeseen events. If you think that insurance is only necessary if you own your home, you may need to take another look. By investing in renters insurance for your West Lafayette apartment, you are able to recoup from destroyed items caused by a fire, theft, or other emergencies.

Take a look around your rental home. 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? Regardless of the size of your space, you likely possess over $10,0000 in goods that should be covered.

Living room in West Lafayette apartment
Model Living Room at Ivy Towns and Flats

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 when you’ve been faced with a fire, theft, or various other disasters. Keep in mind that earthquakes and flooding are usually not covered unless added as a rider, so take your time and read carefully during finalizing the policy. You even have the option of getting renters insurance for shorter leases.

Just remember that most companies have different ways to reimburse you: new replacement or current cash value. An actual cash value plan is cheaper as it considers the current value when you make a claim. If your stereo system has been around for awhile, the payout will reflect that depreciation. Conversely, replacement cost plans let you to rebuy the covered belonging with a comparable new one.

View of West Lafayette living room

What Amount Of Renters Insurance For My West Lafayette Apartment Should I Get?

You may be shocked at the overall value of your possessions when you add them all together. Make a list of your personal effects and give an approximate value . The resulting sum will give you a good idea of how much protection you will need.

It’s OK if your final calculation appears to be too much for a monthly premium. Even people with thousands of dollars in belongings can get affordable monthly rates that won't break your budget. Remember, you're only insuring your possessions, not the structure.

Lock In Extra Protection from Liability

When a person is injured within your unit and takes legal action, a renters plan may cover you. You will typically have $100,000 in liability protection for situations involving property damage and personal injury. This added benefit of renters insurance could even offer protection for injuries suffered at a different location. However, your insurance may only cover a settlement to an injured party but not lawyer or court fees.

Coverage For Loss of Use

In the event an emergency forces you to leave your home, you must find temporary living arrangements. Your renters insurance may cover costs associated with extended-stay hotels and food expenses.

Rental insurance application

Determine An Appropriate Deductible For You

Now that you know about the different aspects of renters insurance, you need to select the deductible. This is the amount you will need to pay from your savings before the insurer issues payment. A larger deductible equates to more affordable premiums, while a reduced deductible means higher premiums.

For example, consider that you choose a $1,500 deductible on your renters insurance. Next, your unit is impacted by a natural disaster resulting in $5,000 in damage or liability claims. The policy will only cover $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 spacious floorplans with plenty of great features at The Ivy Towns and Flats. Book your tour right now and choose from floor plans that are suitable for your lifestyle.
The Ivy Towns and Flats
1900 Foxglove Way
West LafayetteIndiana 47906
Phone: 765-300-4521
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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 West Lafayette, IN
J.C. Hart is an equal housing opportunity provider.
The Ivy Towns and Flats
The Ivy Towns and Flats is a luxury apartment community located at Sagamore Pkwy W and Cumberland Ave. in West Lafayette. Owned and managed by the J.C. Hart Company, we're dedicated to helping our Residents feel at home. We offer various floor plans and amenities to fit any lifestyle, and our Residents love living near Purdue University.
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