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Do You Really Need Apartment Insurance | Apartments In Kr Puram, Bangalore
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When you move to your new apartment, it’s easy to get engaged in the excitement of decorating, unpacking and getting used to your new environment. However, planning for the future — even for potential problems is important. Apartment insurance may seem like an unnecessary additional monthly expense, especially if you’ve not experienced problems such as break-ins, fire or water damage.
Why Do you Need renters Insurance?
Though most apartment communities and owners will have their own insurance, it usually only applies to the actual structure and dwelling. That means if there is fire or damage, their policy will not cover your personal belongings.
What Exactly Am I Supposed to Purchase?
When it comes to getting yourself set up with renter’s insurance, you should look at two types of coverage:
Renter’s Insurance Policy. This protects your Property in case of fire, theft or damage. There are some Situations, renter’s insurance may not cover, such as in the case of earthquakes or floods.
Liability Coverage. This protects you against any possible damage caused by negligence on your part. For example, if you accidentally leave your bath running and it overflows, causing damage to your downstairs neighbor’s apartment, you could be held responsible for everything from repair to medical bills. This policy will also help if you are taken to court in relation to that, covering your defense costs.
What Does This Likely Cover?
Most renters’ insurance policies are likely to cover the following:
Personal property in your house.
This can include everything from your clothes to your computer. Keep in mind, your policy may have limitations on payouts for certain items, such as electronics or jewelry. If you have specific items that you’re concerned about, such as an expensive bike or high-end stereo equipment, you may want to look into getting additional coverage.
“Loss of Use.”
Something happened at your apartment that’s made your space unlivable, such as a fire or severe water damage? That’s deemed as “loss of use” in the insurance trade. This covers you for staying elsewhere such as at a hotel and for living expenses such as food while your apartment is repaired to a livable standard.
While it may seem annoying to have to shell out for yet another expense on a monthly basis, apartment insurance is certainly more affordable than trying to replace everything yourself if the worst happens.
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