Living in an apartment in Phoenix means enjoying a life of leisure where there’s always someone else responsible for maintenance and upkeep. It does not mean, however, that you’re off the hook when it comes to personal protection. If you really want to protect your lifestyle and your finances, making sure your insurance is in order should be a top priority. From renters insurance to health insurance, keeping policies up to date and in force is a vital step for self protection.
If you’re new to apartment living, you might not know the importance of renters insurance. The reality is this very simple type of policy can be worth its weight in gold. While your apartment complex will likely have its own insurance, this will cover the building you live in – not your stuff. Considering this, it is vital to look into renters insurance policies to make sure if an emergency happens, you have the ability to rebuild and replace with relative ease.
Like a home insurance policy, renters insurance does cover personal property items from fire, damage, theft and so on.
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Unlike homeowners insurance, this type of policy is not typically costly. Generally, renters insurance only costs a few hundred dollars a year and can provide extremely valuable protection when it’s needed the most. The reason why this type of coverage is typically so affordable lies in the fact that renters policies do not cover the bricks and mortar. They do, however, cover such things as clothing, furniture, electronics, jewelry, artwork and more.
Getting a renters insurance policy is not a difficult undertaking. Just look online for companies that insure homes in your area. They generally offer renters insurance, too. Very often you will find the underwriter that handles your auto insurance or health insurance can help with a renters policy, as well. With the exception of coverage for floods and earthquakes, the HO-4 policy for renters covers losses and damages to personal property in these other instances:
Are you covered against…
- Fire, lightning, windstorm , or hail
- Explosion
- Riot or civil situation
- Aircrafts or motor vehicles
- Vandalism or theft
- Smoke
- Volcanic eruption
- Falling objects
- Weight of snow, ice or sleet
- Water damage from home utilities
- Damage due to electrical surge
- Damage by glass or safety-glazing material that is a part of the building
Take Inventory
Once you’ve located a good renters insurance policy for your Phoenix apartment, do take the time to document the items you own. A great way to do this is to video tape your belongings and store the tape in a safe deposit box. Also, take the time to fill out the application and inventory forms provided by the insurance company carefully. If you have valuable jewels, artwork or electronics, get an appraisal too.
General coverage info for the standard Renters Insurance Policy (HO-4):
Living in a Phoenix apartment is a great way to enjoy more free time and less responsibility. It does not, however, mean you should let your guard down. If you want to protect your finances and property, make sure you look into the right types of insurance. From renters insurance right down to medical coverage, having the right policies in place can save you a fortune down the road.
Insurance Explanations:
- Liability protection covers you up to your policy limit if someone in your unit slips and falls.
- Actual cash value coverage will pay what your property was worth at the time it was damaged or stolen.
- Replacement cost coverage will pay what it actually costs to replace items lost.
- Inventory your items with receipts and photos and video, listing each item’s value and serial number.
- Protective devices like smoke detectors, burglar alarms, and fire extinguishers lower your premium.
- Discounts on policies are common when coverage is extended to include auto insurance.
- Additional living expenses coverage will pay 30 to 50% of what it costs for you to live somewhere else if your unit becomes uninhabitable.
- Policies for pet owners. Some insurance companies are hesitant to write policies for renters with certain animals and breeds.
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