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Do You Need Renters Insurance For Your Indianapolis Apartment?

Life may throw you curveballs, but you can still defend against the unexpected. If you think you only require insurance if you own your home, you could need to take another look. By investing in renters insurance for your Indianapolis apartment, you can restore items lost due to a storm, flood, fire, or other devastating event.

Do a walkthrough of your apartment. Can you cover the expense to replace your TV, stereo, furniture, and other belongings if a disaster occurred? It doesn’t matter the size of your space, you likely possess thousands of dollars in goods that require insurance.

Living room in Indianapolis apartment
Model Living Room at Ivy Towns and Flats

What Is Renters Insurance In Indianapolis?

Unlike homeowners insurance, a renters plan is not designed to cover the physical building. Renters insurance for your Indianapolis apartment provides coverage for those expensive electronics, jewelry, and other items in the event of a natural disaster like fire or wind. Flooding and earthquakes are typically not included unless added as a rider, so be diligent and read through the policy before signing the contract. You may not be aware, but you can get renters insurance for shorter leases.

Be sure to consider that insurers provide two kinds of reimbursement: actual cash value and replacement cost. The actual cash value policy is less expensive as it reimburses based on the current value when you make a claim. If your leather sectional has been around for awhile, the reimbursement will reflect that depreciation. Then again, replacement cost plans let you to replace the insured possession with a similar, brand new item.

View of Indianapolis living room

How Much Renters Insurance For My Indianapolis Apartment Should I Get?

You might be surprised at the dollar amount of your items when you add them all together. Create an inventory of your items and assign an estimated value . The aggregate amount will provide a clearer picture of the amount of coverage needed|what your plan should cover.

Don't worry if your asset total seems too large for a monthly premium. Even renters with some expensive heirlooms will have access to affordable monthly rates that are easy on your bank account. After all, you're only insuring your possessions, not the building.

Liability Coverage for Personal Injury Injury And Property Damage

In the rare event that someone suffers an injury in your apartment and takes legal action, a renters insurance policy can protect you. These policies generally have $100,000 in liability insurance for situations involving serious personal injury, damage to property, and even legal defense. This added benefit of renters insurance could even offer protection for injuries suffered away from your apartment. However, many policies will only submit reimbursement for an injured party but not lawyer or court fees.

Coverage For Loss of Use

When a natural disaster requires you to vacate the premises, you need to find other accommodations. Many plans reimburse for extended-stay hotels and food expenses.

Rental insurance application

Select The Best Deductible For Your Budget

Once you understand the different aspects of renters insurance, don't forget to consider the deductible. This is the chunk you must cover before the insurance payment is applied. A high deductible means lower monthly premiums, while a smaller deductible leads to increased monthly rates.

For instance, say you decide on a $1,500 deductible . Next, your apartment has a fire resulting in $5,000 in damage or liability claims. Your plan will reimburse $3,500 or the portion that remains over the payment of your deductible.

Ready To Find An Apartment In Indianapolis First? 

Before you can invest in renters insurance, you have to pick the most suitable accommodations for your lifestyle. You will enjoy smartly designed units with all the amenities you want at StoneBridge Luxury Apartment Homes. Book your tour right now and explore various apartment layouts that will accommodate your lifestyle.
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