are no laws that require renters insurance but it’s a valuable tool to make
your apartment or rented home feel more secure. Renters insurance doesn’t just
make sure your possessions are secured but can also help you live somewhere
temporarily if something happens to your place.
renters insurance is a bit different than homeowners insurance or other
policies. Here are how some factors determine your price and what you need.
Coverage: This is somewhat similar to
homeowners insurance – you need
to know how much your belongings are worth to get a decent estimate on the
coverage you need. You can do this yourself
or contact an independent agent to help. As a general rule, it’s always better
to over-estimate as to not short yourself if an accident happens.
Deductible: This is pretty standard insurance
procedure: the deductible is what you pay up front before insurance comes in
and covers the claim. The higher this deductible, the lower your monthly
To determine the risk involved in insuring your place, insurers will look at
the location of the place you’re renting in. Having an apartment complex in a
bad part of town will cause your rates to go up.
Previous Claims: Insurers will also look at how
many claims have been made in the past by people living in the complex or near
the area. This is a way to see how safe the neighborhood is and if there’s been
a lot of claims made, that will bump up the rate.
insurance is easy to overlook since the home isn’t yours – after all, you’re
just renting it. You don’t feel as attached to it as you would if you bought a
house. But that doesn’t mean you don’t need that protection that insurance
provides. Apartment complexes might have their own appliances insured but your
own your own with your own belonging if an accident were to happen. It’s better
to be safe than sorry.
Protect your belongings from the unforeseen. Call The
Weimer Group at (215) 723-9805 for more information on Allentown renters insurance.