Getting your first apartment can be very exciting. It is the first time you are out on your own and independent. It is important that you understand there are plenty of responsibilities involved with having your own apartment, including making sure that you and your belongings are protected. The way to do this is through renter's insurance.
Some people are under the impression that if something happens in their apartment, their landlord's homeowner's insurance will cover the loss. This is not the case. The landlord's insurance will protect them, but not you. There are a few reasons why you need your own insurance policy.
Protects Your Belongings Inside the Apartment
If your belongings are damaged or destroyed during a covered event such as a fire or severe weather, these things would be covered under your renter's insurance policy. The same is true if your belongings are stolen during a break-in.
Protects Your Belongings Outside the Apartment
Many renter's insurance policies will cover your belongings that are outside of the apartment. For example, if your laptop gets stolen from your car or while you are on vacation, you can file a claim with your renter's insurance to have the laptop replaced.
If someone is injured in the building's common areas, your landlord's homeowner's insurance will cover their medical bills and other costs associated with the injury. If you have a guest over and are injured in your apartment due to your negligence, you could be held responsible.
If you have renter's insurance, your policy will cover the costs related to the injury, which would protect you from a lawsuit.
Loss of Use
If a covered event occurs, such as a fire or severe weather, and your apartment is damaged to the point where it is inhabitable, you can file a claim with your renter's insurance. The insurance will cover the cost of lodging, food, and any other expenses related to living away from the apartment.
If you just rented your first apartment, contact Scott Lynch Agency in Greenwood, Indiana. Our agents can help you purchase a renter's insurance policy that will provide you with the protection you need. To get your policy started, give us a call today. Serving Indiana and Ohio.