Whether you are moving into your first apartment or not, you should consider the merits of renters insurance. Then, when it’s time to trade up and move out, you can understand how valuable it can be even if your second rental is a small townhouse instead of an apartment. No matter where you call home, having the right insurance can make a big difference. Let’s find out how.
The Value of Renters Insurance
Your belongings: First of all, you should assess how valuable your belongings are. Performing a home inventory can be a quick and efficient way to figure out how much coverage you will need to purchase. After all, renters insurance is often added to the lease when you are ready to sign the paperwork for your apartment. However, it’s usually a separate process to establish it.
Disaster coverage: Natural disasters can happen throughout the year. Through renters insurance, you can secure disaster coverage that is just as important for your first apartment as it is for your first house.
Select deductibles: Next, you’ll want to select the deductibles you’ll need. To do this, you must determine the amount of savings you would like and how you can reasonably pay for yourself.
Predict liabilities: Liability coverages will protect you in case something happens to someone else in your apartment. These will help you pay the bills that will come in when your guests and visitors are injured while in your rental.
Creating a Budget
Now that you have your apartment keys and your renters insurance sorted out, the next step is to create your budget. Rent is the single most important element of affording your new place to live. Make sure you don’t fall behind on rent payments. But once you have money for this necessity set aside, you still have to manage everything else you might need.
You’ll need to account for utilities such as power, water, and internet, and phone services. These are recurring payments you will need to account for in your budget. Other parts of apartment living you may need to pay for include pet rent and using amenities, so remember that when you are designing your budget. One more thing: don’t forget about your furniture and decorations!
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, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.