Do I Need Renters Insurance?

Do I Need Renters Insurance?

Searching for a new apartment home is an exciting process! It also can lead to lots of questions. After all, you’re finding a new place to call home, so you want to have all the important information and feel comfortable. We’re here to help!  Our team has collected some of the most frequently questions from folks looking for a new apartment. This blog post will be the first in a recurring series that takes a closer look at common questions when renting an apartment. Let’s start with a frequently asked topic: Do I need renters insurance?

What Is Renters Insurance?

Renters insurance helps minimize risk for individuals and families who are renting their home, whether in an apartment community or someplace else. It’s a type of insurance policy that protects your property and belongings. At HHHunt Apartment Living, we require or strongly encourage our residents to have renters insurance, depending on the state where the community is located.

Benefits of Renters Insurance

There are a many benefits to renters insurance, although Investopedia reports that only 41% of renters have an insurance policy. No one ever wants to be in a situation where you need insurance, but you’re always grateful to have it when something unexpected happens. Here are a few key benefits:

  • Protection: Renters insurance protects your personal property in a wide range of situations. Insurance policies for apartment communities cover the buildings, but not the residents’ personal property.
  • Cost: Renters insurance is relatively affordable and often much less expensive than one would expect. Nerd Wallet estimates that the average cost of renters insurance is only about $14 per month.
  • You Have More Than You Think: If you start to take inventory of everything you own – electronics, furniture, jewelry, clothes, etc. – it starts to add up quickly. Most people are surprised by how much it would cost to replace everything they have.
  • Liability Coverage: Many renters insurance policies also offer liability coverage, which provides protection should someone get injured in your apartment home or you accidentally injure someone. This coverage helps pay for potential legal fees and other expenses.
  • Travel Coverage: Standard renters insurance policies typically cover your belongings when you travel. If personal property is stolen or lost when traveling, it can help if the value of the item is higher than your deductible.

How Do I Get Renters Insurance?

The good news is that renters insurance is widely available through a variety of insurance carriers. Most of our residents get renters insurance from the same company they use for auto insurance. It’s typically a quick and easy process to add renters insurance on your existing policy. Plus, many insurance companies offer discounts for having multiple policies. Of course, it’s important to read the policy closely and ask your agent specific questions about what a policy covers.

At HHHunt, we believe it’s how you live that matters. That includes making sure you have all the information you need to make a good decision when it comes to selecting your next apartment home. We hope this blog post is helpful. Stay tuned for future posts that answer other common apartment questions.

And don’t forget to check out our website if you’re looking for new apartment homes in Maryland, North Carolina, South Carolina or Virginia!