Apartment Rental Insurance Protects Your Belongings
Without apartment insurance, you would be completely on the hook financially if your property is stolen or destroyed. Unless you are independently wealthy, you would likely suffer a major financial setback if you had to scramble to replace everything you lost.
With apartment renters insurance, you are typically covered for any losses or damage to your possessions that happen as a result of:
Apartment insurance may even offer coverage for cases of theft when you’re not home, paying to repair or replace stolen items. For example…
- Your bag (with your phone in it) is taken out of your locker at the gym.
- Someone steals your bike while you’re perusing the latest vinyl releases at your favorite music store.
- Your laptop is snatched from the backseat of your car.
Check out “Does Renters Insurance Cover Theft?” for full details.
Your apartment renters insurance may also cover instances where a fellow tenant accidentally damages your possessions (like in the overflowing bathtub example above), or if you cause an accident that damages your neighbor’s property.
One important thing to know: not every kind of disaster is covered. Damage from a flood or an earthquake is almost never covered under an average apartment insurance policy, nor water backup from a sewer or drain or overflow from a sump pump. No worries – you have options.