A Guide to Renters Insurance for Furnished Apartments: What You Need To Know
13 Apr 2023 • 4 min read
Congratulations on securing a furnished apartment and avoiding the headache of furniture shopping!
Before you get too comfortable, though, there's one more thing you need to consider: renters insurance.
You might assume the building covers renters insurance for a furnished apartment, but that’s not entirely true. Let’s dig into why you should consider getting renters insurance in a furnished apartment.
Here’s what we’ll cover:
- Why You Should Get Renters Insurance for a Furnished Apartment
- What Does Renters Insurance Cover for a Furnished Apartment?
- What's the Cost of Renters Insurance?
- Can the Landlord Buy Renters Insurance for You?
- Get Renters Insurance To Protect What Matters to You
Why You Should Get Renters Insurance for a Furnished Apartment
Your rental unit’s already furnished, so why would you still want to get renters insurance for a furnished apartment when you didn’t buy the furniture or appliances?
For starters, you probably still have personal belongings that need protection. If you have expensive electronics like a high-end laptop or a gaming console, you'll want to make sure they have insurance against theft or vandalism.
Plus, unforeseen events can happen. If someone is injured in your apartment or a water leak causes damage, you could be stuck with a hefty insurance bill or costly repairs. You always need to be prepared for every type of loss. The right renters insurance coverage can be the difference between financial disaster and peace of mind.
And while you might think that a furnished apartment reduces the amount of personal property loss risks, trust us, it all adds up.
What Does Renters Insurance Cover for a Furnished Apartment?
Your landlord's insurance policy will cover the rental property structure, provided appliances, furniture, other landlord-furnished items, and common areas. It won't protect your personal belongings (like your clothes or laptop) and doesn't shield you from liability. The right renters insurance policy does.
Let’s take a closer look at some of the specific coverages that are typically included in a renters insurance policy:
1. Personal Property Coverage
Don't let your new MacBook or high-quality sound system get damaged without the proper coverage.
Renters insurance can help replace your furniture, electronics, and other personal items if they’re destroyed.
Make sure you have enough coverage by taking inventory of your items and estimating their value.
Remember that not all renters insurance policies are created equal, so review the coverage options carefully before deciding.
Additionally, remember that there may be limitations on covered losses for specific items, such as jewelry and electronics. Talk with your insurance provider to make sure you have adequate coverage and understand any policy limits and exclusions.
For example, if you have a valuable engagement ring or a high-end camera, you can increase the coverage limits for these items so that you're protected for a higher limit.
2. Liability Insurance Coverage
Personality liability coverage is essential to renters insurance since unexpected events can happen. If a visitor slips and falls in your apartment and decides to sue you, your renters insurance can come to the rescue and help cover your legal expenses.
Your coverage can also help pay for medical expenses in case someone is injured in your apartment, whether it's a friend, a family member, or even a delivery person.
Talk to your insurance provider to ensure you have enough liability coverage to protect you in case of unforeseen incidents or accidents in your furnished apartment.
3. Loss of Use (Temporary Housing) Coverage
Where will you go if a fire or water damage makes your furnished apartment uninhabitable for the time being? A Goodcover renters insurance policy can help cover your additional living expenses (such as hotels, food, or storage units for your stuff) if you need to leave your apartment due to a covered peril.
So if you live out of a hotel for a few weeks because your apartment is underwater, you won't have to sacrifice your daily coffee.
What's the Cost of Renters Insurance?
Renters insurance cost is generally inexpensive compared to other types of insurance, like homeowners insurance and car insurance.
The cost varies based on where you live, how much coverage you need, your deductible, and more.
At Goodcover, we believe affordable insurance should be accessible to everyone. That's why we offer policies starting at just $5 per month with no hidden fees. And with options to customize coverage, you can get the additional coverage you need without paying for extras you don’t.
Can the Landlord Buy Renters Insurance for You?
Even if you’re renting a furnished apartment, landlords cannot purchase a renters insurance policy or choose a provider for you.
Remember that renters insurance policies are personal contracts between the policyholder and the insurance company. Besides, renters insurance covers the tenant’s personal property and liability, not the landlord’s.
A landlord may require you to carry a renters insurance policy, but you must sign up for the policy and choose the provider yourself.
Get Renters Insurance To Protect What Matters to You
If you're moving into a furnished apartment, remember that your personal belongings need protection, too.
You can relax knowing your renters insurance covers the most valuable items and other personal belongings in the event of a disaster.
It can also help cover the costs if your clumsy friend trips and falls in your apartment or if you accidentally break something that belongs to someone else.
At Goodcover, we’re here to make sure you're covered for life's unexpected twists and turns. Get a Goodcover renters insurance quote today.
Note: This post is for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.
For additional questions, reach out to us – we’re happy to help.
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