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FAQs about Apartment Insurance

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Q: Why do I need insurance if my landlord has coverage?

A: The insurance your landlord has covers damage to the apartment building and offers liability protection in the event of an accident that is due to some condition of defect related to the building. But your landlord’s policy does not cover damage to tenants’ possessions inside the apartment and if any of your belongings are stolen, that also is not covered by your landlord’s insurance.

Q: What happens if there is a fire?

A: Basic renters insurance covers many of the same hazards as traditional homeowner’s insurance. That means that if there is a fire, your belongings are covered up to the amount of your policy, minus the deductible. Additionally, most apartment insurance policies include money for additional living expenses so that you can pay to live somewhere else while waiting for your apartment to be repaired.

Q: Do I still need apartment insurance if most of my belongings are old and inexpensive?

A: Take a look around your apartment at all of your belongings, from your clothes and furniture to any computers, phones and other electronics. Could you easily replace all of that if you had to? And even if the value of your belongings is negligible, apartment insurance includes a liability component. If a visitor slips and falls inside your apartment because of a condition you were aware of but didn’t take care of, you could be sued. Apartment insurance includes some money to defend the suit and pay for damages awarded to your injured visitor.

Q: Will I get new clothes and property when I file a claim under my apartment insurance?

A: That depends on the type of insurance you decide to get. It is most common for apartment insurance policies to pay claims based on the actual cash value of the property involved. So if a fire destroyed your stereo, you would get an amount based on what the stereo was worth when it was destroyed. It’s possible to pay more and get apartment insurance that pays claims based on replacement value.

Q: Does apartment insurance cover me from all possible dangers?

A: No. It’s important to understand that apartment insurance does not cover against two specific dangers that present real a real threat to renters. One is earthquakes and the other is floods. While apartment insurance will cover wind damage in a storm, any damage due to rising water is not covered. Renters can get separate flood and earthquake policies to ensure total coverage.

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