Why Should You Get Renters Insurance For Your Indianapolis Apartment? 03/17/2021 Life may throw you curveballs, but there are ways to safeguard against the unexpected. If you think you don't need insurance unless you are a homeowner, you could be making a costly mistake. When you have renters insurance for your Indianapolis apartment, you can recoup some losses after a fire, theft, or other emergencies. Do a quick survey of your rental. Can you afford the cost to buy new replacements for your furniture and electronics if a disaster occurred? No matter what size your apartment is, you probably have accumulated thousands of dollars in personal property that require insurance. Model Living Room at Ivy Towns and Flats What Should I Know About Renters Insurance In Indianapolis? In contrast to a typical homeowners policy, your renters policy is not designed to cover the building's structure. Renters insurance for your Indianapolis apartment will cover those expensive electronics, jewelry, and other items in the event of a natural disaster like fire or wind. Some events including flooding are most often excluded but might be added as a rider, so take your time and read the fine print when purchasing a plan. You could even lock in renters insurance for short-term rentals. It’s important to note that insurers have different ways to reimburse you: new replacement or current cash value. An actual cash value plan is less expensive as it reimburses based on the current value when you make a claim. If your flatscreen TV has many years of use, the compensation will be impacted by depreciation. On the other hand, replacement cost plans let you to buy the insured possession with a similar, brand new item. What Amount Of Renters Insurance For My Indianapolis Apartment Is Enough? You might be surprised at how much your belongings are worth when adding them up. Carefully document all your valuable goods and assign an estimated value . The aggregate amount will give you a better sense of how much coverage you will want. It’s OK if your final calculation looks too big for a renter’s policy. Even people with some expensive heirlooms will find reasonable premiums that won't break your budget. Remember, you're only getting your belongings insured, not the entire apartment. Liability Insurance for Property Damage And Personal Injury In the rare event that someone suffers an injury at your home , a renters plan may cover you. These policies generally have $100,000 in liability coverage for situations involving personal injury, property damage, and legal representation. This part of your renters plan might even protect you for injuries suffered at someone else’s property. However, your insurance may only submit reimbursement for an injury but not your defense and court costs. Do You Need Temporary Lodging? When a natural disaster requires you to vacate the premises, you have to locate temporary lodging. Your renters insurance may reimburse for extended-stay hotels and food expenses. Select The Right Deductible For Your Budget After exploring the important facets of renters insurance, you need to select the deductible. This will be how much you have to pay from your savings before the policy kicks in. A high deductible means lower monthly premiums, while a smaller deductible results in increased premium costs. For example, consider that you choose a $1,500 deductible . Then, your home suffers storm damage occurring $5,000 in damages and liability. Your insurance only covers $3,500 or whatever amount over your deductible. Looking For An Apartment In Indianapolis First? Prior to investing in renters insurance, you’ll need to find the perfect apartment. You have access to roomy floorplans with plenty of great features at The Line-Urban Flats on the Monon. Schedule a tour right now and discover a range of options that will accommodate your lifestyle.