What’s the deal with renter’s insurance? Do I have to get it?

5 Things You Need to Know About Renter's Insurance for Your Orlando Apartment

You've spent years collecting the perfect wardrobe, the best electronics, and furniture that matches your unique sense of style. Unfortunately, it could take just minutes for your items to be destroyed in a fire or stolen by a robber. Life is unpredictable, so it's best to be prepared for the unexpected. With renter's insurance, you can rest easy knowing that your items are covered should anything happen. Before selecting the best policy for you, it's important that you take steps to determine what type of coverage will suit your needs.    

  1. Required or not, it's a need: Depending on your apartment community, renter's insurance may or may not be required, however, in our book it's an absolute must! While your apartment community's insurance covers damage to the structure of the apartment, it does not cover damage to your personal belongings. No matter the situation – whether a pipe bursts, a fire erupts, or someone breaks in and steals your personal property – you will be responsible for the costs associated with replacing these items, not your apartment community.   
  2. Coverage is affordable: With the rising cost rent in Orlando, we know the last thing you want to do is add on to your list of expenses. However, renter's insurance policies are very affordable with a price of just a few hundred dollars or less a year. That's a small price to pay for peace of mind. After all, how much would it cost to replace your electronics, clothing, furniture, and jewelry? If you shudder at the thought, renter's insurance is definitely a wise investment for you.
  3. Relocation assistance: Insurance companies like Tower Hill really go the extra mile to guarantee you're covered on a personal level – not just your belongings. If something happens to your Orlando apartment that makes it unsuitable for living, your renter's insurance policy will cover expenses associated with relocating or finding other temporary arrangements while your apartment is being repaired.
  4. Protection isn't limited to your apartment: Protection doesn't stop at what lies within the four walls of your apartment, you can add on additional coverages such as credit card forgery protection, identity fraud protection, special computer coverage, and liability coverage. These extras can give you added peace of mind and financial coverage. Liability insurance for instance covers a guest's medical bills if you're found responsible for their injuries, or even repairs if you accidentally cause damage to someone else's property.
  5. Renter's insurance policies are customizable: Cookie cutter insurance policies are a thing of the past. Most insurance companies offer policies that are customizable or adjustable, so you can determine what best fits your unique needs – this way you only pay for what you need. Add in the policies you'd like and leave out those you don't. Adjust the limitations of your coverage to match the value of your belongings so you're adequately covered. Evaluate your needs and calculate the value of your items to determine what type of policy is best for you. If in doubt, speak to an agent to create a policy specifically designed for you.
These are the opinions of writers and not the opinions of 407apartments.com or any of our advertising partners.