What You Should Know About Renters Insurance for your Indiana PA Apartment
You’ve finally found the perfect apartment and you’re ready to move in. You’ve already bought all the furniture and items you need and you think you are set. But wait a minute, what happens if there is a fire, smoke, vandalism or theft? Did you purchase renters insurance for your Indiana PA apartment to protect all the things you just purchased? Renters insurance provides financial protection against the loss or destruction of your possessions when you rent an apartment or rent a house. Even though your landlord has homeowners insurance, your possessions are not normally covered by your landlord’s insurance policy. And since you only need insurance that cover’s just the value of your belongings and not the physical building, the premium’s are normally pretty inexpensive.
There are two types of renter insurance policies you may purchase:
- Actual cash value – Actual cash value pays to replace your possessions less a deduction for depreciation up to your policies limit.
- Replacement cost – Replacement cost pays the actual cost to replace your possessions with no deduction for depreciation up to your policies limit.
Here are a few tips to help you when choosing renters insurance:
Keep a record of all your items that would need replaced by writing everything down and either have photos or a video of the items and keep them in a safe place in the event you would need to file a claim.
If you are living with a nonrelative roommate, they may not be covered by your policy. Ask your agent if they are.
Talk to your agent about additional coverage options that may be needed.
Renter’s insurance policies often differ by insurance carriers. By talking with one of our agents here at Walbeck Insurance, we are able to find the best coverage to meet your needs at an affordable price for you.