What Is Renters Insurance and Is It Necessary for All Apartment Rentals?

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Whether looking at 1 bedroom apartments for rent or space for an entire family, you may have heard about renters insurance. There are various policies to choose from to help cover personal belongings and more. If you’re planning to move into a rental space, here’s what renters insurance is, what it covers, and if you must have a policy:

What is Renter’s Insurance?

A renter’s insurance policy covers policyholders who live in rental units. It provides coverage for personal belongings if they are damaged, stolen, or lost due to a covered incident. Some policies also cover the cost of lodging if you’re temporarily removed from your rental. When a unit is damaged from flooding or fire, your policy may pay for a hotel while the apartment is being restored. 

A rental insurance policy also provides liability protection. This part of the policy pays for medical expenses and damages if your negligence causes someone to be injured or their property is damaged. It may also cover medical or legal fees if you’re held responsibile. The renter’s insurance may not pay for repairs to the building since that’s the landlord’s responsibility. 

How Much Coverage Do You Need?

The amount of coverage you need for your renter’s insurance policy depends on the value of what you own. Consider which policy will pay to replace your furniture, electronics, clothing, and personal items. If you work from home and have your computer, a second monitor, and other electronics, you may need a higher coverage limit than if you only have a smartphone. You may require additional coverage if you own expensive items like jewelry, artwork, or other collectibles. An insurance agent will help you estimate the value of your property and recommend adequate coverage for your belongings.

Is Renter’s Insurance Required?

Though we highly recommend it, State law doesn’t require you to have renter’s insurance. Some landlords with few properties won’t require an insurance policy either. Many apartment and condo associations often want proof that you have a policy in place. If you get a policy, it will give you more options for housing in everything from 1 bedroom apartments for rent to 3 bedroom townhouses.

Another reason to get renter’s insurance, even if it’s not required, is because it protects you. Your insurance provider will reimburse you to replace items lost or damaged in a covered incident. Without an insurance policy, you must pay out of your pocket to replace damaged or lost items. Most of the time, your landlord isn’t responsible for damage to your personal items. This policy provides coverage if your items are stolen from your vehicle, storage unit, or apartment. 

See Available 1 Bedroom Apartments for Rent

If you’re looking for a 1, 2 or 3 bedroom apartment, you’ll want to find out what’s available with Pure Real Estate Management. We can help you get into a comfortable, modern apartment with the amenities you want and your desired location. Contact us to schedule a tour or see our full West Michigan apartment and townhome inventory today!