Do you need insurance for your apartment? The short answer is yes.

Why Get Insurance?

Although landlords will have insurance for the property or for liability, as a tenant it is still important to get renters’ insurance. Renters’ insurance will protect all of your personal belongings within your home in the case of theft, a fire or flooding. Depending on the coverage you purchase, renters’ insurance can also protect you against a guest who injures himself or herself and sues you for liability. Even if you don’t think that you have enough valuables for insurance to be worthwhile, you may be surprised how fast it adds up, especially with appliances, all your books, clothing and electronics.

Should room mates get coverage together or separately?

If there are more than one tenant living in an apartment, it is recommended that all individuals obtain coverage under the same policy to keep things simple, although it is not mandatory. If tenants living in the same apartment insure themselves separately for renters insurance, it may just end up costing more than if the policy was applied together.

Is it expensive?

Renters’ insurance can be as little as $10-$15 a month. It all depends on the deductible that you are willing to pay and the amount of risk foreseen by the insurance company. Most renters’ insurance is easy to apply for and have approved. However be warned that if you live above a restaurant or in an extremely old building, premiums can be much higher due to the higher potential risk of damages.

When do I need it?

As soon as you know where you will be living and when the lease starts, you should look into renters’ insurance. This way, once you move in, everything is already in place and you don’t have to risk not being covered during an early accident. There is also so much to do when first moving in, that it is easy to procrastinate securing an insurance policy and its one less thing to have to worry about if previously taken care of.