Insurance is an essential part of life — medical insurance, auto insurance and other coverage types keep us safe and healthy. Even though you may not be using your insurance all the time, it can save you in the event of an emergency or unexpected situation.

Why Get Renter’s Insurance?

You should get renter’s insurance for several reasons. Namely, renter’s insurance saves you money in the case of an emergency. If you have a break-in at your home and lose your TV, computer, jewelry and other valuables, your renter’s insurance policy would come into play. It would cover the value of those items and allow you to replace them without spending anything yourself.

Without a renter’s insurance policy, you would have to pay for those items out of pocket. If you have several valuables stolen or damaged while you’re living in your apartment, it could add up significantly.

Even though you may never use your insurance, it’s important to have just-in-case coverage. Besides providing you with important security, many apartment communities require you to start a renter’s insurance policy when you move in. This acts as a secondary level of liability coverage for your property manager.

When you move into a new apartment, your property manager will have insurance policies on the property, including your apartment. But, that policy doesn’t provide the same coverage that you would receive in your renter’s insurance. The property manager’s policy will merely cover physical damages like replacing locks after a burglary or fixing the apartment after a fire.

What Does Renter’s Insurance Cover?

Renter’s insurance policies provide coverage in a few different areas. You’ll likely never need to use your insurance policy, but if you do, it will replace stolen or damaged possessions. When you’re looking for the right policy, it’s smart to catalog your valuables so that you know how much coverage to get. To be safe, prepare for the worst-case scenario of losing all your possessions.

Your policy may also give you liability coverage. If a guest gets hurt in your apartment, they could file a claim with your provider. This type of coverage could keep you from paying out of pocket if you are found liable for an incident that happens at your home.

Finally, your policy may also cover certain other living expenses. If your apartment gets damaged and you are no longer able to live there, your policy may cover the cost of staying in a hotel.

Every renter’s insurance policy is a little different, so you should make sure you shop around the find the best one for your own needs. Even though renter’s insurance isn’t required by law, your policy offers an essential layer of protection. After an emergency, the last thing you want to worry about is finding the money to replace the items that you lost.

At Triple Crown Corporation, we believe renter’s insurance is so crucial that we require all our residents to have it for their protection and peace of mind. If you’re looking for a new apartment in the central PA area, check out our rental communities online today and schedule a visit soon!

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