Is Renters Insurance Necessary for a Seattle Apartment Dweller?
Renters insurance protects your possessions in the event of a disaster like a fire or flood, and it also protects you against lawsuits in the event a visitor is hurt in your Seattle apartment. However, is it really necessary to buy a renters insurance policy when you rent an apartment in Seattle?
Here are the basic details about renters insurance that can help you figure out whether this option is appropriate for you.
Research Renters Insurance Providers Before Setting up a Policy
All major insurance carriers that provide homeowners insurance, motorcycle insurance, and vehicle insurance also offer renters insurance. Fortunately, renters insurance isn’t usually a huge expense that you must endure as an apartment dweller, even if your property owner requires that you have a renters insurance policy while you live at the apartment community.
Living in a Seattle apartment comes with the convenience of having someone else responsible for things like maintenance on the building, gardening around the property, and other types of upkeep. However, the responsibility for replacing your items in the event of a disaster tends to rest on your shoulders. A renters insurance policy will usually only cost about $20 a month and cover just about everything you own.
Consider: Your property owner will have property insurance to cover the buildings in case of a disaster, but according to Nerd Wallet, that insurance won’t cover the contents of your apartment:
“Your landlord’s property insurance won’t help you if disaster strikes. It covers the structure, but not any of your things. Renters insurance covers your belongings from all the possible bad events that are listed in the policy, such as fire, smoke, water damage, windstorms, lightning, theft, and vandalism.”
Interestingly, your renter’s insurance policy may even cover things like medical expenses for guests when they’re injured and the costs you must pay to stay in a hotel after a natural disaster.
Check Your Seattle Apartment Lease. You Might Need Insurance
Your apartment lease is a good place to start for any information you need to know about the rules and regulations of your apartment community. If your apartment’s management requires renters insurance, they’ll include that rule in the lease that you sign when you move in.
The management company might have a recommendation on which renters insurance company you should use, but it’s always a good idea to shop around and see if you can “bundle” your policy with your existing vehicle insurance policy. Sometimes it’s cheaper to add another policy to your current car insurance account, but you can also find bargain-basement pricing for the most basic insurance coverage.
Remember: Always read the entire renters insurance contract before you sign it or sign up for coverage. You might assume your policy will cover everything you own, but there’s a good chance your policy will only cover part of your possessions, especially if you choose one of the least expensive policy options.
Take an inventory of your possessions before you make a final choice on renters insurance. You might find out that a $1,000 payment won’t really cover all your belongings in the case of a true disaster, a fire, or other unfortunate event.
Live at Muriel’s Landing in the University District of Seattle
Stylish and metropolitan, Muriel’s Landing features an upscale residential experience with expansive views, luxury amenities, and an excellent location. We’d love to welcome you on a tour of our apartment community. Get in touch today to arrange a visit.