Renter’s insurance is dang near a requirement for tenants. As more and more people move into apartments, the possibility for loss from fire, theft/vandalism and others, have increased, dramatically.
Property managers are on the lookout to help protect their investment, so they are opting to transfer some of the liability back onto the person renting their apartment space.
Kansas City alone has seen multiple apartment fires just over the last few years, so we will more than likely see more and more property managers increase their demand for renter’s insurance.
It’s best to know what you absolutely must have on your renter’s insurance policy, especially in the Westport district of Kansas City, West Plaza, or Midtown areas where causes of loss for theft and vandalism are much higher than perhaps other areas in the KC metro. So, let’s jump into it:
1. Liability Coverage
This is the part of the policy that will kick in, if for some reason you are responsible for damage done to the apartment. Let’s say that you just had friends over last weekend and after waking up on Sunday morning you realize that your bathroom has completely flooded.
How did this happen? No idea, but what happens next is why you have insurance.
The water that has completely covered your bathroom floor, has also affected your downstairs neighbor and caused upwards of $15,000 to repair and replace everything. Luckily you have a renter’s policy in force and your liability coverage will cover your %&& in this situation.
But maybe you should reconsider who you let come over to your apartment on Saturday night…
2. Personal Property
This part of your policy is going to cover your own stuff that is in the apartment. Anything from your tv, to shoes, jewelry, furniture etc, will be covered under your personal property. Have you ever done a complete inventory of all your stuff?
Yea me neither, that sounds like a big waste of time… Until of course you must use your insurance.
Luckily with your personal property coverage, you are usually insured up to a certain amount of value. Most policies start with a personal property limit of $15,000 and move up from there to over $100,000.
Things add up quickly that you don’t realize and the last thing you want to try and do is replace all your own stuff, after your apartment was just broken into. That’s why personal property is an absolute must have!
3. Loss of Use
So, you’re apartment just went up in flames while you were away at work. You don’t think that happens still? I bet you Google will prove you wrong. So now what?
Well you’re S.O.L because you don’t have any clothes to wear, no food to eat, no place to go and you are finishing up busy season at work on top of everything.
Actually, you’re not S.O.L, because you have loss of use on your renter’s policy that will make sure you have money to help you relocate temporarily, recover some necessities like clothes and shoes and will also pay for food.
Now you’re living large at the holiday inn on the insurance company’s dollar. That doesn’t sounds so glamorous in writing, but trust me, it’s quite a relief knowing you don’t have to worry about those little things after such a crazy storm of events.
Get a quote online, or call 913-856-0002 to get insured today!