i am going to be moving out soon and i want to know if i need to pay for insurance for an apartment.
2007-02-27 12:29:31 · 9 answers · asked by flickerstik_dude 1 in Business & Finance ➔ Insurance
No, but it wise to get it. It will cost you about $10-$15 a month. You never know what your neighbors are doing. Say one of them accidentally catches the apartment building on fire and you loose everything. The insurance will reimburse you for your items and help you get back on your feet.
2007-02-27 12:33:49 · answer #1 · answered by Mariposa 7 · 1⤊ 0⤋
You won't have to pay insurance for the apartment itself, no.
Some apartments require that you get at least liability coverage (in case someone visiting you were to be injured, or you knock something off your balcony and damage something -- among a million other things.) In truth, it's difficult (and more expensive) to buy liability insurance alone.
Besides, you're much better off to go ahead and get coverage for your own belongings. And you'll want to get replacement cost coverage on them (otherwise, you'll get a depreciated amount. You know when people always complain that their car was a total and they owe more than it's worth? That's depreciation. And yes, it applies to pretty much every thing you own.)
You may not own very much if you're just getting ready to move out on your own, but you'd probably be shocked if you knew what it would cost to replace just the contents of your bedroom closet, much less the electronics and computers you might have on hand.
Typically, you can get this kind of coverage for $100-200 a year (and you can even get a discount on your car insurance, too, if you use the same company for both.) You can also usually pay it by the month, if you prefer.
2007-02-27 12:38:20 · answer #2 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
Yes you need to get renters insurance ot protect yourself (liability portion of the policy) and your personal property. Most claims under a renters policy are for when renter causes damages to the building. (candle fires, grill on the patio, kitchen grease fire and cigarette fires are the most common)
If you caused damages to the building and didn't have renters insurance then you are stuck paying for all your own personal property plus the buildings insurance company will come after you for reimbursement for the damages they paid for.
Renters insurance is very cheap and well worth having. The downside of causing damages without have a renters policy can cause you to be sued and have a judgment against you. Then you might lose part of your salary to garnishment. It's ugly. Buy the renters policy and sleep better knowing that a mistake won't screw up your future.
2007-02-27 16:21:08 · answer #3 · answered by fighting saints 6 · 0⤊ 0⤋
You won't pay insurance for the apartment itself, the owner will have to do that. However, you would be well advised to have renters insurance....Your insurance agent will tell you what documentation you will need in case you have to file a claim. Good luck with the move!
2007-02-27 12:39:31 · answer #4 · answered by Carol G 2 · 1⤊ 0⤋
Depends on how much stuff you got. If its not much and you can replace it for less than $2000 then dont worry about it yet.
If you have 15,000 or more worth of personal property, you should consder it though.
One of the customer service reps for an insurance agent friend of mine, her whole apartment complex burned down, even though she worked for an insurance agency and wrote those policies all day she didnt have one on herself and lost everything she owned, plus she was 8 months pregnant! I know it doesnt apply to you but you never know what could happen.
Insurance is all about rolling the dice and taking chances.
2007-02-27 21:57:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Many renters believe that if there is a fire or other disaster, that the apt owner will reimburse the renter for their loss. NOT!. Renters insurance not only covers your personal belongings anywhere in the world, but pays temporary living expense if you have to vacate your apt due to a covered loss. In Ca, its under $20 a month for $25000 in contents coverage. Go to a reputable company
2007-02-27 13:52:46 · answer #6 · answered by Karin D 2 · 0⤊ 0⤋
Normally you don't have to, but you might want to get some contents coverage to protect your stuff. It is not expensive, and better than losing everything you own if a fire breaks out in the building.
2007-02-28 04:28:55 · answer #7 · answered by nurse ratchet 6 · 0⤊ 0⤋
Most leases, but not all, require it. It usually costs about $150 a year, so it's not a big deal.
2007-02-28 01:24:42 · answer #8 · answered by Anonymous 7 · 0⤊ 0⤋
its called renters insurance and its cheap
2007-02-27 12:37:06 · answer #9 · answered by sdr35hw 4 · 1⤊ 0⤋