Do You Need Renters Insurance For Your Bloomington Apartment? 03/17/2021 Life is full of risk, but you can still safeguard against the unexpected. If you think that insurance is only necessary if you purchase a house, you may want to think again. By investing in renters insurance for your Bloomington apartment, you are able to recover from damages caused by a disaster. Take a walk around your apartment. Would you be able to cover the expense to purchase a new flatscreen, couch, or other items if a disaster occurred? Regardless of the square footage of your place, you may have thousands of dollars in belongings that should be covered. Model Living Room at Ivy Towns and Flats What Exactly Is Renters Insurance In Bloomington? In contrast to a typical homeowners policy, renters insurance is not designed to cover the actual apartment building. Renters insurance for your Bloomington apartment provides coverage for your personal belongings like jewelry and electronics if your home has been impacted by a theft or fire. Some events including flooding are typically not included except when specifically added, so be diligent and read carefully when purchasing a plan. You may not be aware, but you can get renters insurance for shorter leases. It’s important to note that most companies provide two kinds of reimbursement: actual cash value and replacement cost. The actual cash value policy is cheaper as it reimburses based on the value of items when you make a claim. If your flatscreen TV is several years old, the payout will be impacted by depreciation. On the other hand, replacement cost policies let you to buy the covered belonging with a similar, brand new item. How Much Renters Insurance For My Bloomington Apartment Do I Need? You will likely be amazed at the overall value of your possessions when you add them all together. Carefully document all your valuable goods and assign an estimated value . The final total will provide a clearer picture of the amount of protection needed|what your policy should cover. It’s OK if your asset total seems too large for a monthly premium. Even people with some expensive heirlooms will find affordable monthly rates that won't break your budget. Keep in mind, you're only getting your belongings insured, not the structure. Keep Extra Protection from A Liability Policy If a guest is injured at your home and files a lawsuit, a renters insurance policy may cover you. These policies generally have $100,000 in liability protection for situations involving property damage and personal injury. This added benefit of renters insurance might even protect you when something happens at someone else’s property. Even so, your insurance may only cover a settlement to an injury but not your defense and court costs. Do You Need Temporary Lodging? When a natural disaster leaves you with an unlivable apartment, you have to find temporary lodging. Your renters insurance may reimburse for extended-stay hotels and food expenses. Determine The Best Deductible Now that you know about the important facets of renters insurance, don't forget to consider the deductible. This is much you have to pay from your savings before the insurance payment is applied. A larger deductible means lower monthly premiums, while a smaller deductible results in increased premium costs. To illustrate, let’s say you select a $1,500 deductible for your policy. Sometime later, your home suffers storm damage that results in damages of $5,000. Your plan will reimburse $3,500 or whatever amount over your deductible. Looking For An Apartment In Bloomington Before Deciding On A Policy? Before making a decision on renters insurance, you’ll need to find the most suitable accommodations for your lifestyle. You can find spacious floorplans with a range of sought-after amenities at City Flats on Tenth. Book your tour today and choose from floor plans that will accommodate your lifestyle.