Renters insurance covers the things that Management is not responsible for including any damage, loss, theft, or injury that occurs to the Resident, his/her property, guests, or their property. This includes any items inside your apartment or outside your apartment (i.e. items left in cars, storage lockers, laundry room, or anywhere else on the premises). Renter’s Insurance protects against injuries and/or property damage which is why management recommends that residents obtain Renter’s Insurance.
For example if there is a fire in the building and the items in your apartment are damaged you are responsible for replacing them. The insurance for the property only covers repairing the property itself (walls, ceilings, floors, etc), not the items in the apartments. Renters insurance covers personal items and that is why we recommend our residents get it.
Renters Insurance Quick Facts
Benefits of Renters Insurance:
- Personal Property Coverage: Coverage to replace your belongings in case of fire, theft or wind among other covered perils.
- Additional Living Expense: The insurance company pays for you to live elsewhere if your apartment or rental home has become unlivable due to a claim.
- Liability Coverage: Should a guest of yours injure themselves while visiting, there is coverage to pay for their medical bills and legal defense cost should you be sued.
Renters Insurance is Affordable:
- The rate depends on how much coverage you select but in most cases renters insurance will cost $12-$15 per month.
- Do you own a car? Packaging your auto insurance with a renters policy results in a savings. Many times the savings you receive on auto insurance will pay for most of your renter's policy.
For more information on renters insurance talk to our staff, your insurance agent, or check out Cox Insurance which is a local company (651-647-0001, www.coxins.net) or look on the Internet.