See our COVID-19 updates for Residents, Guests, and Associates. Learn More.

Do You Need Renters Insurance For Your Fishers Apartment?

Life may throw you curveballs, but you can still defend against disaster. If you think you don't need insurance unless you are a homeowner, you might be making a costly error. When you have renters insurance for your Fishers apartment, you can restore furniture or electronics lost due to a storm, flood, fire, or other devastating event.

Take a look around your place. Would you be able to afford the cost to purchase a new flatscreen, couch, or other items if a flood or fire caused excessive damage? Regardless of the square footage of your place, you likely possess thousands of dollars in personal property that should be covered.

Living room in Fishers apartment
Model Living Room at Ivy Towns and Flats

What Is Renters Insurance In Fishers?

Different from standard home insurance, your renters policy is not designed to cover the building's structure. Renters insurance for your Fishers apartment will cover your personal belongings like jewelry and electronics when you’ve been faced with a fire, theft, or various other disasters. Keep in mind that earthquakes and flooding are typically not included but might be specifically added, so make sure to read carefully when purchasing a plan. You could even get renters insurance for short-term rentals.

Be sure to consider that most companies provide two kinds of reimbursement: replacement cost and actual cash value. A cash value policy is more affordable as it reimburses based on the current value at the time of loss. If your flatscreen TV has many years of use, the reimbursement will reflect that depreciation. Then again, replacement cost policies give you the ability to replace the damaged item with a comparable new one.

View of Fishers living room

How Much Renters Insurance For My Fishers Apartment Should I Get?

You will likely be amazed at the overall value of your possessions when you add them all together. Create an inventory of all your valuable goods and assign an estimated value . The aggregate amount will give you a better sense of how much protection you will need.

Don't worry if your final calculation seems too large for a monthly premium. Even people with thousands of dollars in belongings can get affordable monthly rates that will protect your pocketbook. Remember, you're only getting your belongings insured, not the entire apartment.

Liability Coverage for Personal Injury Injury And Property Damage

In the rare event that a person falls or is injured in some way at your home , a renters plan is there for you. You can expect to find $100,000 in liability insurance for situations involving property damage and personal injury. Your liability insurance could even offer protection for injuries suffered at a different location. But keep in mind, your insurance may only submit reimbursement for personal injuries but not legal representation.

Coverage For Loss of Use

In the event an emergency leaves you with an unlivable apartment, you have to book temporary lodging. Your renters insurance may provide reimbursement for extended-stay hotels and food expenses.

Rental insurance application

Choose The Best Deductible For Your Budget

Now that you know about the primary features of renters insurance, you need to select the deductible. This is the money you will need to pay out of pocket before the insurer issues payment. A high deductible leads to lower costs per month, while a smaller deductible leads to increased monthly rates.

For example, let’s say you select a $1,500 deductible . Then, your apartment has a fire occurring $5,000 in damages and liability. The policy will only cover $3,500 or whatever amount over your deductible.

Looking For An Apartment In Fishers Before Getting a Plan? 

Before you can invest in renters insurance, you’ll need to find the most suitable accommodations for your lifestyle. You will enjoy roomy floorplans with plenty of great features at Spark Apartments. Schedule a tour right now and discover a range of options that make sense for your busy life.
View Floor PlansSchedule a Tour