September 2019

While Elmwood Manor has insurance to protect the physical structure of your apartment or townhouse, it doesn’t cover the contents (the things you own). That’s what renter’s insurance is for. If you’re wondering what renter’s insurance is and if you need it, read on.

It’s important to note that Elmwood Manor does not offer renter’s insurance. It’s something you purchase from an insurance company. If you own a car, buying renter’s insurance through your auto insurance provider is probably your best bet. Many companies offer discounts for bundling more than one type of insurance. In addition, know that Elmwood Manor does not require you to have renter’s insurance. It’s purely a matter of personal preference.

What does renter’s insurance typically cover?

• Personal property. This protects your possessions against loss or damage due to things like fire or theft.
• Personal liability. This protects you against the legal liability of an accident in your residence. For example, maybe your bathtub overflows and damages furniture in the apartment below you. Your renter’s policy can help cover the damages.
• Loss of use. If your apartment becomes uninhabitable due to an event like a fire, your renter’s insurance can help cover living expenses like a hotel, clothes and food.
• Medical protection. If a guest is injured in your apartment, renter’s insurance can help pay their medical expenses.

How much coverage do I need?

For personal property coverage, one of the first questions an insurance company will ask you is how much your things are worth. You can prepare for this by adding up what it would cost to replace everything in your apartment. You might be surprised at how high that number is, which is a big reason for considering renter’s insurance. In addition to the amount of personal property coverage you need, an insurance company can recommend the level of liability coverage and the deductible that makes the most sense for your situation.

How do I decide if it’s worth it?

Depending on the coverage levels you need, the cost of renter’s insurance will be around $15-$30 per month. Given that, the most important question to ask yourself is “how easy would it be for me to afford to replace my things if anything happened?” The more difficult affording it would be, the more important renter’s insurance is for you. Either way, considering the cost is equal to about one dinner out a month, you may feel the peace of mind is well worth it.