Are You Thinking About Getting Renters Insurance For Your Bloomington Apartment? 03/17/2021 Life may throw you curveballs, but you can still protect yourself against unforeseen events. If you think you don't need insurance unless you are a homeowner, think again. With renters insurance for your Bloomington apartment, you are able to recoup from damages caused by a disaster. Do a walkthrough of your home. Can you afford the cost to buy new replacements for your furniture and electronics if a flood or fire caused excessive damage? No matter what size your apartment is, you likely possess thousands of dollars in goods that you need to protect. Model Living Room at Ivy Towns and Flats What Should I Know About Renters Insurance In Bloomington? In contrast to a typical homeowners policy, a renters plan doesn't cover damage to the building's structure. Renters insurance for your Bloomington apartment will cover your personal belongings like jewelry and electronics in the event of a natural disaster like fire or wind. Keep in mind that earthquakes and flooding are usually not covered but might be specifically added, so be diligent and read the fine print when purchasing a plan. You even have the luxury of getting renters insurance for month-to-month rentals. It’s important to note that most companies offer two types of reimbursement options: replacement cost and actual cash value. An actual cash value plan is more affordable as it takes into consideration the present-day worth when you make a claim. If your flatscreen TV has been around for awhile, the payout will be impacted by depreciation. On the other hand, replacement cost plans allow you to rebuy the insured possession with a new one similar to what you had. What Amount Of Renters Insurance For My Bloomington Apartment Is Enough? You might be surprised at how much your belongings are worth when you add them all together. Make a list of your items and assign an estimated value . The final total will provide a clearer picture of how much protection you will want to carry. Don't worry if your asset total seems too large for you to insure. Even renters with some expensive heirlooms can get affordable monthly rates that are easy on your bank account. Keep in mind, you're only insuring your possessions, not the building. Liability Protection for Personal Injury Injury And Property Damage In the rare event that a guest suffers an injury in your apartment , a renters insurance policy can protect you. You will typically have $100,000 in liability insurance for incidents including personal injury, property damage, and legal representation. Your liability insurance could even offer protection if you are involved in an incident at someone else’s property. However, many policies will only cover a settlement to an injury but not lawyer or court fees. Coverage For Loss of Use In the event an emergency makes you to vacate the premises, you will need a temporary place to live. Some renters insurance policies reimburse for extended-stay hotels and food expenses. Determine The Best Deductible After exploring the different aspects of renters insurance, you need to select the deductible. This is the amount you will need to put in out of pocket before the insurance payment is applied. A larger deductible leads to lower costs per month, while a smaller deductible leads to increased monthly rates. To illustrate, let’s say you select a $1,500 deductible . Then, your home suffers storm damage occurring $5,000 in damages and liability. Your plan will reimburse $3,500 or whatever amount past your deductible. Looking For An Apartment In Bloomington Before Deciding On A Policy? Prior to investing in renters insurance, you have to pick the perfect apartment. You have access to smartly designed apartments with plenty of great features at City Flats at Renwick. Schedule a tour right now and choose from floor plans that will accommodate your lifestyle.