Whether you’re on the brink of independence via your first apartment, or you’re a well-seasoned renter, now is a good time to consider the benefits and importance of renters’ insurance. More and more people are spending extended periods of time at home due to the Coronavirus pandemic, making this the perfect time to consider the safety and security of making sure your personal property is protected. As a leading property management company overseeing over 90 multi-dwelling buildings in a growing portfolio, expert staff at Beal Properties has extensive knowledge about the benefits of renters’ insurance. Created thirty years ago to serve Chicago’s growing renter community, Beal Properties has worked to provide safe, efficient, modern, and positive apartment living experiences for all tenants. Below, these experts break down the many facets of renters’ insurance.
Renters’ Insurance VS Landlord’s Property Insurance
Many renters believe that since landlords hold insurance policies on their properties, renters’ insurance is redundant. This belief is misleading, as both types of insurance offer protection for varying things. In the case of an accident involving your apartment, a landlord’s insurance policy will pay out for property damages incurred. However, it will not provide coverage for loss of your personal belongings, or lost or damaged property. Beal Properties encourages renters to remember that renters’ insurance will assist with losses of property due to many causes. Policies can help tenants recover losses related to theft, apartment accidents, or other reasons.
Coverage For Various Scenarios
Beal Properties reminds tenants that there are many potential financial burdens associated with dwelling-related accidents and events. Renters’ insurance can help to offset many of the unforeseen costs associated with these events. For example, a kitchen fire can destroy your personal belongings. Renters’ insurance can help to pay for the replacement of these belongings. That’s simple enough. However, Beal Properties also encourages tenants to consider additional potential costs that often go unconsidered. If the same kitchen fire makes your apartment uninhabitable, for example, renters’ insurance policies can provide some coverage for temporary housing, meals, or other unexpected expenses.
In addition, the experts at Beal Properties tout the personal liability coverage benefits often associated with renters’ insurance. These benefits are not often instantly recognized, but can provide great coverage in the event of an accident in your apartment. If a guest gets hurt in your apartment space, renters’ insurance can alleviate the financial burden of medical bills, or other potential expenses associated with the accident.
What Do Most Policies Cover?
As outlined above, Beal Properties experts remind all tenants that renters’ insurance policies cover a myriad of items. While policies may differ slightly, most major policies have some overlap. Obviously, policies cover the costs associated with replacing personal property. This includes clothing and accessories, furniture, electronics, and jewelry. Based on the amount of high-price goods you own, and the amount of coverage you pay for, there may be a cap.
In addition, many policies offer the same personal property coverage for travelers, protecting your items even when you are away for extended periods of time. Policies also offer personal liability coverage, offering protection if you are ever legally bound due to an accident in your apartment. Finally, policies offer assistance for additional living expenses that are the result of claims.
Many renters’ insurance policies are vastly cost-effective, and feature low annual premiums. Even if you reside in a small apartment, and don’t own much furniture or extensive belongings, renters’ insurance is a great source of protection, and will alleviate the costs of having to replace damaged personal items for the daily price of an espresso. On average, annual policies cost about $200. Of course, policies can range depending on coverage needs, amount of goods owned, and other factors.
Many policies can be paid monthly, or offer incentives for annual payments. In terms of insurance, renters’ policies are vastly cost-effective, and make sense for all renters. With a low buy-in cost, and the potential to make your life easier in case of an accident, renters’ insurance is a no-brainer for apartment dwellers.
Choosing Companies And Coverage
Like insurance companies in other industries, there are many bespoke renters’ insurance companies that offer various services. When choosing a company for the first time, Beal Properties experts recommend choosing a company that fits your needs. If you want to physically speak with a local representative who will be readily available to answer questions, consider a local company, or a big corporation with local branches. If you’re looking for cheap coverage and swift service, consider a digital company. There’s bound to be a perfect match for your particular needs.
Relaxing In The Comfort Of Coverage
For worry-warts and casual dwellers alike, the comfort of having renters’ insurance is well worth the price. While accidents often seem like they’re a rare and vague potential occurrence, they do happen. Many of them have devastating effects on renters. Thus, to avoid having to worry about the potential of these events, or the aftermath, having renters’ insurance is a great way to move forward confidently. Beal Properties encourages all tenants to consider renters’ insurance. With over 30 years of experience providing countless housing options for thousands of families, Beal Properties recognizes the comfort that renters’ insurance brings first time renters and seasoned apartment dwellers alike.
If you’re on the brink of independence, considering moving out on your own for the first time, make sure to look into a renters’ policy that will fit your needs, provide you with protection, and make the experience positive, comforting, and wonderful. If you’ve lived in an apartment without protection for years, take this time to look into various coverage options. With many digital platforms offering instant quotes and customer service, what are you waiting for?