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Are You Thinking About Getting Renters Insurance For Your Indianapolis Apartment?

March 17, 2021

Exterior of a Indianapolis apartment

Life is full of risk, but you still have means to protect yourself against disaster. If you think that insurance is only necessary if you own your home, you might need to think again. With renters insurance for your Indianapolis apartment, you can recoup some money after a disaster.

Do a look around of your apartment. Would you be able to afford the cost to purchase a new flatscreen, couch, or other items if a disaster occurred? No matter what size your apartment is, you probably have accumulated thousands of dollars in belongings that should be covered.

Model living room in Indianapolis apartments

What Is Renters Insurance In Indianapolis?

Unlike homeowners insurance, your renters policy does not involve the actual apartment building. Renters insurance for your Indianapolis apartment is used to replace your furnishings, electronics, and valuables when you’ve been faced with a natural disaster like fire or wind. Flooding and earthquakes are most often excluded except when specifically added, so make sure to read through the policy when signing the contract. You may not be aware, but you can get renters insurance for month-to-month rentals.

Be sure to consider that most companies offer two types of reimbursement options: actual cash value and replacement cost. A cash value policy is more affordable as it considers the value of items when a claim is made. If your flatscreen TV has been around for awhile, the compensation will factor in depreciation. Conversely, replacement cost agreements give you the ability to rebuy the covered belonging with a similar, brand new item.

Dining room at model Indianapolis apartments

How Much Renters Insurance For My Indianapolis Apartment Do I Need?

You may be shocked at the dollar amount of your items when adding them up. Create an inventory of your personal effects and decide on a fair appraisal . The aggregate amount will give you a good idea of how much protection you will want.

Don't worry if your asset total seems too large for a monthly premium. Even renters with over $25,000 worth of possessions can get cost-effective plans that will protect your pocketbook. Remember, you're only insuring your possessions, not the entire apartment.

Lock In Extra Protection from Liability Insurance

If a guest is injured within your unit , a renters plan is there for you. These policies generally have $100,000 in liability insurance for circumstances that involve property damage and personal injury. Your liability insurance could even offer protection for injuries suffered away from your apartment. However, your insurance may only cover a settlement to personal injuries but not your defense and court costs.

Loss of Use Benefits

In the event an emergency makes you to vacate the premises, you must find other accommodations. Some renters insurance policies cover costs associated with hotel stays, restaurant bills, and other expenses.

Rental Insurance Applicaation

Select The Right Deductible For Your Budget

Now that you know about the primary features of renters insurance, you should decide on the deductible. This is the chunk you must cover out of pocket before the insurance payment is applied. A more substantial deductible leads to lower costs per month, while a smaller deductible means higher premiums.

To illustrate, consider that you choose a $1,500 deductible for your policy. Then, your home suffers storm damage that results in damages of $5,000. Your insurance only covers $3,500 or the remaining part past your out-of-pocket deductible.

Need An Apartment In Indianapolis Before Deciding On A Policy? 

Before making a decision on renters insurance, you have to pick the most suitable accommodations for your lifestyle. You have access to smartly designed apartments with all the amenities you want at Linden Square Village Apartments. Schedule a tour right now and explore various apartment layouts that make sense for your busy life.