What Is Apartment Building Insurance

Apartment building insurance, also known as renters insurance, typically provides two purposes. Apartment building insurance will offer compensation to you, the renter, if you are ever burglarized and is often required by apartment owners in order to sign a lease.

Apartment building insurance will provide protection to the renter in the event that a fire, theft or other damage occurs. Unpredictable things like flooding and damage from storms can damage your property. Renter’s insurance will reimburse you for damages done to your property and personal items like your wardrobe and furniture. Apartment building owners require you to purchase insurance prior to signing a lease so that you do not hold them responsible for damages to your property by flooding, fire or theft. –Apartment Building Insurance

Apartment building insurance is important because it provides protection for the owners and renters alike. Owners benefit indirectly by your renters insurance policy. Your insurance policy will cover any personal losses to you caused by an accident or weather damage. If you do not have an insurance policy, you can collect monetary damages from the property owners.

The cost of an apartment building insurance policy depends on the size of your apartment, the location, how your building is constructed and other factors such as the number of fire alarms in the unit and whether the unit has fire sprinklers. For example, a newer brick building in a low-crime neighborhood will cost less to insure compared to an older structure in a neighborhood that with higher crime statistics. To get apartment building insurance, you simply need to call insurance companies. Use the yellow pages or a popular internet search engine to look up renters insurance. You can ask an agent over the phone for a quote. Renters insurance is typically inexpensive, and only requires one or two payments to cover you for an entire year—unlike car insurance, which is often paid monthly. Apartment building insurance premiums may vary in cost from one company to another. It’s best to call two or three companies to get an average price.

For the most part, your apartment building insurance premium will cost about the same as your neighbors’ after you factor in the size of your home and your valuables. A person who owns expensive jewelry, televisions and other items will pay more for renters insurance than a person with modestly priced valuables.

This entry was posted in Insurance and tagged , . Bookmark the permalink.