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Apartment Renter’s Insurance While banks make it mandatory for homeowners to carry coverage prior to approving a mortgage, there are no such provisions protecting renters. At an average cost of $250 per year, renters insurance will protect against loss of personal possessions due to burglary, fire and many natural disasters. It also may remove liability against any legal and medical bills if someone is injured in your apartment. The amount and cost of renters insurance will depend on your possessions. If you plan on placing valuable items such as electronics or memorabilia into your apartment, you would be smart to carry a lower deductible. A written inventory, including approximate values, is recommended. If you don’t have a lot of possessions, then a higher deductible will help keep the cost of insurance down, but insurance is still important in order to have liability coverage. It will also cover any expenses if you are forced to vacate your apartment for a variety of reasons. Finally, if you have a roommate, make sure both residents
are listed on the policy. Otherwise, only the possessions of the individual who
purchased the insurance will be covered. |
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