Apartment Insurance Basics
Apartment Renters insurance, policies provide a lot of protection cheaply
. Policy holders get a lot of benefits for a low cost.
Most apartment complexes, and many smaller landlords, require their tenants to carry this insurance in the lease. Even if a renter is not required to purchase it, it still makes a lot of sense.
Apartment insurance plans are most often written on a standard HO-4 policy form. The HO-4 policy form consists of four coverages "packaged" together at a low price. Included in the plan is coverage for personal property, loss of use, liability and medical payments
Claims for personal property losses are the most common. A renters policy will include contents or personal property coverage. This is part of the HO-4. This covers the belongings of the insured anywhere in the world for things like fire, theft, and vandalism. Worldwide coverage means it covers clothes stolen from your suitcase in another country. You can also get reimbursement if your dry cleaning is stolen from the back of your truck. Property coverage is on a named perils basis - that means that if the peril is not listed, it's not covered. Examples of uncovered loss, would include leaving a laptop behind after exiting a bus, or damage to a television by a thrown baseball. The policy also includes built in limitations of coverage for things like cash, jewelry, documents, and handguns. For an extra cost, some of these coverages can be added onto the contract via endorsement.
Loss of use protection, can pay for you to live in a hotel should your apartment become uninhabitable due to a covered peril. Fire is most often the reason why someone would file a claim for loss of use.
Personal Liability is also an important protection. It can cover the costs for lawsuit defense and judgment payment for the insured if they are sued for a covered cause of loss. This typically includes dog bites, slip and fall claims from visitors, or even a bicycle accident involving a child.
Medical Payments coverage provides a limited amount of coverage for the cost for medical care, for someone who is injured on the property who is not a resident. This is "no fault" coverage . It doesn't matter who caused the injury. It won't matter how it happened, or who was at fault for it. For example should someone breaks a leg after tripping on a kid's toy, and doesn't live in the household, Medical Payments coverage can apply. Keep in mind, only the insured can file the claim.
Currently, a tenant's insurance plan will cost around $150 or $200 annually, for $20,000 of coverage on contents, $4,000 of additional living expense, $100,000 of personal liability, and $1,000 of medical payments coverage. Better yet, if a tenant homeowners and auto contract are written with the same insurer, they will usually offer discounts on BOTH policies, from 10% to up to 40% depending on any individual company, with an average being around 25%.
Because the cost of tenant insurance is so low, even the tightest of budgets can usually find a way to manage the cost. In fact a multi-policy discount can make the rate extremely low.
If you have coverage for your autos with the same insurance carrier, the savings can actually be more than insurance for renters insurance costs. This can mean that you get the renters insurance contract without paying a greater amount than you pay for the automobile insurance policy. That combined DECREASE in insurance cost, with an INCREASE in coverage, is what makes a tenant's one of the best deals in the insurance industry.
by: Alston Balkcom
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