There is a special type of insurance meant for apartments. Renters insurance is the coverage you need if you are living in an apartment. Occasionally, you will need this protection if you are renting a townhouse, too. Whether you are in a rented apartment or a townhouse, chances are you can find both of these residences in the same development or complex.
The Value of Renter’s Insurance
When you rent an apartment, you will need to purchase renter’s insurance. Your new landlords will cover maintenance and whatever other needs that require attention, but most of the time this only has to do with structural issues or the appliances and electrical wiring built into the apartment. Renter’s policies are valuable and necessary enough that if you do not pay the monthly premiums, you might risk losing your apartment. Don’t let that happen to you.
Types of Coverage
For Your Property: You can have renter’s insurance specific to your property. In these circumstances, personal property refers to what you own and not any larger properties you might own. With property coverage, you’ll be insured in case of fires, thefts, and anything else that you can’t predict. Although floods and earthquakes are rare in Maryland, we have seen from the devastation in Ellicott City what massive flooding can do.
For Potential Liability: When you purchase insurance against potential liability, it will only apply in cases of negligence. If this isn’t the case, you’ll need to find auto insurance or business insurance policies instead.
For Loss of Use: Loss of use doesn’t come into play all that often, but when you need it, you’ll be thankful to have it. Essentially, loss of use insurance applies when you need to spend time at a hotel until your apartment is made habitable again after a catastrophe forced you to seek shelter elsewhere.
Extent of Coverage
The amount of the coverage you need ultimately depends on how valuable your items are. If you are unsure of the amount you will need to have covered, you should have a conversation with your insurance provider. Keeping detailed notes, photographs, and inventories of how much you have and how much it is worth will be an immense help in the event of disaster recovery.
Get in Touch with Wachter Insurance
Whether you need renters insurance, business insurance, homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We give our clients competitive rates, professional customer service, and a vast range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, call us at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.