You’re probably familiar with the term insurance, as most states require auto insurance, and now the federal government has mandated health insurance. But, have you heard of renter’s insurance? Depending on where you live, you might not be required to have renter’s insurance, but it is a good idea to get it anyway. At DFW Highrises, Lofts and Apartments at Dash Realty we’ve compiled a quick guide to renter’s insurance to demonstrate the importance of investing in renter’s insurance for your next apartment!

What is renter’s insurance?

Renter’s insurance is a policy that the tenant takes out on all of their possessions. Things like your TV, furniture, computer, electronics, etc. Basically, anything that you move into your Oaklawn Dallas apartments is covered by renter’s insurance. Because renter’s insurance does not cover the physical property itself, the monthly premiums are generally inexpensive.

What is covered?

There are a few main categories that renter’s insurance will cover in the event of theft, loss, or damage. These categories are: personal property, liability, and living expenses.

  • Personal property. This is your belongings. Sometimes there is a “tier level” for this, where you won’t have to provide an exact dollar amount for everything that you own; instead, you’ll need to provide a general inventory list.
  • Liability. Liability renter’s insurance covers a tenant when they are responsible for accidents to a rental property.
  • Living expenses. If you are displaced due to a fire, flood, or any other disaster that prevents you from maintaining your current living conditions, this part of your policy will kick in. Your insurance will help to cover the cost of hotel bills and other living expenses due to being displaced.

Why do I need renter’s insurance?

Your landlord most likely has insurance that will cover the physical property (roof and walls) of your apartment. Therefore, you are responsible for your private possessions inside your apartment. In the event of a break-in, fire, or flood, the landlord’s insurance will not cover your belongings, therefore, it is imperative that you have renter’s insurance.

Even if you think that you live in the safest neighborhood, and don’t expect a break-in, you can never be too sure. In the event of a fire or natural disaster, you’ll be glad that you have renter’s insurance and are protected.

Where can I get renter’s insurance?

Most insurance agents sell renter’s insurance policies. If you have auto insurance, you can often purchase renter’s insurance from the same company, bundle, and get a discount. Even if you don’t have auto insurance, or they don’t offer a discount for bundling, renter’s insurance is often times very affordable. Meaning, having insurance is a low-cost way to protect your belongings in the event something unfortunate happens.

Often times when moving to new Oaklawn Dallas apartments, thinking about renter’s insurance is the last thing on your mind. Plan ahead, and make a quick call to your insurance agent to protect your belongings and give yourself some peace of mind so as to fully enjoy your new apartment!

If you are looking for a new apartment, contact the professionals at DFW Highrises, Lofts and Apartments at Dash Realty today! We can help you find the perfect apartment, in the right location, guaranteed!