{"id":4817,"date":"2019-02-25T13:08:00","date_gmt":"2019-02-25T21:08:00","guid":{"rendered":"https:\/\/www.costulessdirect.com\/?p=4817"},"modified":"2022-12-23T23:52:41","modified_gmt":"2022-12-23T23:52:41","slug":"how-much-renters-insurance-do-i-need","status":"publish","type":"post","link":"https:\/\/www.costulessdirect.com\/blog\/how-much-renters-insurance-do-i-need\/","title":{"rendered":"How Much Renters Insurance Do I Need?"},"content":{"rendered":"

Updated: 09\/01\/2020<\/em><\/p>\n

You moved into your first apartment and have purchased all of the necessities, such as brand new furniture, a 50-inch flat-screen TV, and a state-of-the-art computer. You may think you are set, but there could be something you are missing: renters insurance.<\/span><\/p>\n

Apartment insurance is frequently overlooked. In fact, according to the <\/span>Insurance Information Institute<\/span><\/a>, nearly 95% of homeowners have homeowners insurance. In comparison, only 37% of renters have rental insurance. You may think that its an unnecessary expense, but it can be quite affordable. It will also save you a lot of money in the event of an unfortunate incident that affects your property or assets.<\/span><\/p>\n

What Does Renters Insurance Cover?<\/span><\/h2>\n

Renters insurance typically includes three types of coverage:<\/span><\/p>\n

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  1. Personal property coverage<\/span><\/strong>. This coverage helps pay for losses if your property is stolen or damaged.<\/span><\/li>\n
  2. Liability coverage.<\/span><\/strong> If a guest was injured in your home, this coverage would pay for medical bills and legal fees if they subsequently sue you. It would also protect you if you accidentally cause damage to someone else’s property.<\/span><\/li>\n
  3. Additional living expenses<\/span><\/strong>. This coverage applies if you can no longer live in the apartment or home you are renting because of an emergency like a fire or flood. Additional living expenses coverage will help pay for your hotel bill or extra money that you spend on necessities such as food due to the situation.<\/span><\/li>\n<\/ol>\n

    How Do I Determine How Much Apartment Renters Insurance I Need?<\/span><\/h2>\n

    Like any other insurance policy, renters insurance has a coverage limit: the total amount your insurance company will pay in the event of a covered claim. Understanding the amount of coverage you need can take some time, but is worth the effort. You want to ensure you are fully protected and not overpaying for coverage you don’t need. There is a different process for determining how much personal property coverage you need and how much liability insurance you need.<\/span><\/p>\n