Moving into a new apartment is stressful -hooking up cable, getting your electricity sorted out, signing a lease, and carrying 1,000's of boxes from your old place to your new home- it can be overwhelming. One thing that is easy to forget but very important to take care of is securing renter's insurance. Renter's insurance is required at all of our properties.
When something happens in your apartment, we as landlords will cover all the costs of repairing the damage to our property. The walls, carpets, cabinets, floors and any appliances we provided are ours. However, our insurance does not cover damage to your property. So if there is a fire, flood, theft or other covered catastrophe, renter's insurance will help you replace your valuables. If your home is damaged and you have to live somewhere else, many renter's insurance policies will help you with any additional expenses during that time.
What many folks do not realize is that renter's insurance can also cover some other items. If your dog bites another resident, it may cover you, depending on your policy and the type of dog you have. If your washer overflows and floods the neighbor's apartment, it would cover their damaged items for you. If you have friends over and someone gets hurt, it will help protect you from medical expenses or lawsuits.
There are two types of insurance--cash value and replacement. Replacement will probably cost a little more (around 10%), but if your TV is destroyed, it gives you the cost of a replacement television. Cash value will take the amount of money you paid for the TV and depreciate it based on how old it is, so the $1,000 TV you bought 10 year ago may only get you $200 to purchase a new one. You will have a deductible, like car insurance, that you will have to meet first. You can cut the monthly costs by having a larger deductible but make sure you have the cash to pay if something happens.
In general, renter's insurance runs you around $9-$15/month and can be purchased from your car insurance agent, or we also have information in our offices. Ask about discounts for smoke detectors, sprinkler systems and deadbolts as most of our apartments in the Hampton Roads area have these features and can save you some money.
Getting renter's insurance is easy to forget, but it is an important step in moving to your new apartment.