What You Should Know About Renters Insurance
Before you move into a rental, it is a good idea to ask your leasing office if renters insurance is included in the lease or if you need to purchase it on your own. Obtaining renters insurance provides you with a safety net if something should happen to your apartment. Not everything is covered, but here are some general ideas to note.
What is Renters Insurance
Renters insurance is there to cover your belongings and provides liability coverage in most fire and theft cases when you are renting an apartment. It provides you with a safety net to help you with these expenses.
What is Not Covered
Typically floods and earthquakes are not covered under rental insurance. Research your area to see how likely it is for you to encounter these to know if you need to find additional insurance coverage. Check with your provider for a full list of uncovered items before signing any insurance plan. It is an excellent habit to get your own insurance if you have roommates since most plans only cover one individual.
How Much Does it Cost?
Renters insurance is usually under $20 a month and varies from state to state. If you have valuable items, be sure to ask about different insurance levels to know your personal belongings will be covered. If you don’t need a lot of coverage, your costs will be lower, so it’s good to keep this in mind!
The Bottom Line
Even though it may not be required by the state you live in, protecting yourself from future financial burden is a great precaution to take. Some landlords may require it when you sign a lease, and you should research what and how much is covered, what is not covered, and the pricing.
Westcorp Can Help
Westcorp Property Management has leasing staff ready to walk you through the application process and answer any questions about renters insurance. We offer a wide range of apartments with all budgets and styles in mind.
Westcorp Management Company has a home waiting for you. See the full apartment line-up here: https://www.westcorpmg.com/