When it comes to insurance, we have all been well versed in the benefits derived from health insurance, life insurance, and even automobile insurance. But on closer inspection, there are a variety of other insurance plans that are not only beneficial but absolutely crucial if you are moving to an apartment in the upcoming months. Without these insurance plans in place – rental insurance, moving insurance, and, if necessary, storage insurance – renters are significantly vulnerable to a host of possibilities.
Protect Your Personal Property with Rental Insurance
Consider Lisa, a renter that moves into her new apartment feeling as though she has done everything right in preparing herself for this new chapter in her life. After all, she has made sure that she is renting in a safe neighborhood, that she is well protected under the guidelines of the lease, and that the apartment itself is safe and that any underlying issues have been addressed. But something happens that Lisa never would have expected – the apartment below her catches fire. While no one is hurt, many of the apartments experience significant smoke damage, Lisa’s included. The apartment complex is quick to respond in terms of repainting walls and replacing carpeting, but Lisa is stunned to discover that the contents of her apartment – her personal belongings – are not covered under the apartment complex’s blanket policy. Thousands of dollars worth of belongings are destroyed and Lisa has no financial recourse. Had she had a rental insurance policy in place, however, she would have been protected and her belongings would have been replaced.
Most people automatically think of a homeowner’s insurance as something to be purchased when they buy a home. But how do people protect themselves if they do not own the property in which they are living? Through rental insurance.
- What Standard Policies Cover
- How to Take a Detailed Home Inventory
- 13 Ways to Save on Your Renter’s Insurance Quote
Moving to an apartment requires organized research and becoming knowledgeable on a variety of fronts, not the least of which is the language of the lease and to what extent your belongings are covered under the apartment complex insurance policy. Renters have many affordable policies from which to choose that rarely cost more than a couple of hundred dollars a year; a small price to pay for peace of mind.
Accidents Happen. Get Moving Insurance
Moving to an apartment also requires the physical relocation of our belongings and in many cases we rely upon professional movers to help make this happen. If we do not have movers than we at least are required in most cases to rent our own moving truck in order to transport our belongings. In either of these cases there are very real opportunities for damage to occur to our things. There is first the prospect of packing the materials appropriately and removing them from their location, the carrying them to the moving truck, the actual transport, and then the moving of the belongings into the new home. All of these situations cause many of our belongings to be vulnerable.
- How to Pack Everything from china to pillows, to books
- Moving Supplies and Tools
- Moving Checklist: 8 Weeks Out
Luckily, for those moving to an apartment, there is the option of purchasing moving Insurance – which can easily be done directly through the moving company. Those moving can purchase policies that cover specific items, a lump sum amount that acts as a blanket on all of the items being moved, or full protection, wherein the insurance policy covers whatever belongings are damaged or lost. Policy costs vary according to these plans; expect to pay a couple of hundred dollars to start.
If You Have to Store Your Stuff, Get Insurance For That Too
Moving to an apartment often means a reduction in space for many people and therefore decisions must be made about what to do with all their extra stuff. For many people who are moving to an apartment, the answer rests in storage spaces where they can safely store their belongings and not worry about cluttering up their apartment.
What many people do not realize is that the storage facility itself is not responsible for their customers’ belonging should something happen to the building that is out of their control. Should the building sustain damage from fire, weather, or other natural disasters, the contents in the storage facility are the responsibility of the renter. Luckily, storage insurance covers these contents and is available right from the storage facility at a very affordable rate – generally less than $50 a month.
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