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Renter’s insurance: don’t put it last on your list

It is easy to lose your priorities during a time of change; and, moving into a new apartment is no different.  There is the excitement of buying new furniture and designing your new living space; there are even the necessities of setting up utility service and switching mailing addresses – but, once you open the door to your new apartment you have to think about protecting yourself and your valuables.  Your first priority should be purchasing renter’s insurance.

Renter’s insurance covers the damages to or loss of your personal property from a host of circumstances, including; fire or lightening; windstorm or hail; explosion(s); riots or civil commotion; aircraft; vehicles; smoke; theft; water-related damage from home utilities; and more.  It also will cover you if you are negligent and someone gets hurt while in your apartment.  Property owners insure their property, which you are renting, against specified losses, but their policy is not necesarily going to cover your losses.  In fact, some landlords make purchasing renter’s insurance a requirement to rent the property.

If your apartment becomes unlivable due to an insured loss, renter’s insurance may cover certain costs with finding a new place to live … but it is nuances to this type of insurance that makes working with a professional independent agent a must.  There are misconceptions and misunderstandings about renter’s insurance – we are ready to help you find the right coverage.

When you shop for renter’s insurance, it is important to know whether the company will be writing actual-cash value or replacement cost.  Replacement cost will be higher in premiums, but it will cover your losses to a greater extent.  Because actual-cash value pays out only what the item was worth at the time it was damaged.  In other words, you won’t be reimbursed for the cost of a new item.  Some companies will quote replacement cost or actual-cash value by default.

We, your professional independent insurance agent, are available to discuss your many coverage options … including additional coverage in case of flood, which renter’s insurance will not cover.

Call us at (856) 935-0845 or visit our website at for additional information.


The information in this article is meant as a guideline only.  There is nothing in this article that alters the coverage or interpretation of any specific policy.  Because some statements are generalizations, and because different companies’ policies contain slight differences, please refer to your specific policy.  Call our office before making any judgements or decisions concerning your particular situation and coverage that may, or may not, apply.