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Why Should You Get Renters Insurance For Your Westfield Apartment?

It’s true that life is unpredictable, but you still have means to protect yourself against unforeseen events. If you think that insurance is only necessary if you purchase a house, you could need to check out your lease requirements. By investing in renters insurance for your Westfield apartment, you are able to recover from destroyed items caused by a disaster.

Do a look around of your rental. Can you afford the cost to replace your TV, stereo, furniture, and other belongings in the event of a fire or theft? It doesn’t matter what size your apartment is, you likely possess over $10,0000 in personal property that should be covered.

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

What Exactly Is Renters Insurance In Westfield?

Unlike homeowners insurance, renters insurance doesn't cover damage to the actual apartment building. Renters insurance for your Westfield apartment provides coverage for your personal belongings like jewelry and electronics in the event of a theft or fire. Some events including flooding are usually not covered unless added as a rider, so make sure to read the fine print before signing the contract. You even have the option of buying renters insurance for month-to-month rentals.

Just remember that insurers provide two kinds of reimbursement: new replacement or current cash value. An actual cash value policy is more affordable as it takes into consideration the current value when a claim is made. If your leather sectional has many years of use, the compensation will factor in depreciation. Then again, replacement cost policies let you to replace the damaged item with a comparable new one.

View of Westfield living room

How Much Renters Insurance For My Westfield Apartment Is Enough?

You will likely be amazed at the overall value of your possessions when adding them up. Create an inventory of your items and give an approximate value . The resulting sum will give you a good idea of the amount of coverage needed|what your insurance should cover.

Don't worry if your final calculation seems too large for a monthly premium. Even renters with over $25,000 worth of possessions will have access to reasonable premiums that will protect your pocketbook. After all, you're only insuring your possessions, not the structure.

Lock In Extra Protection from Liability

If a guest is injured within your unit and files a lawsuit, a renters plan is there for you. You will typically have $100,000 in liability insurance for circumstances that involve serious personal injury, damage to property, and even legal defense. This added benefit of renters insurance may even apply if you are involved in an incident at a different location. However, your insurance may only provide coverage for an injured party but not legal representation.

Coverage For Loss of Use

When a natural disaster forces you out of your apartment, you need to find temporary living arrangements. Many plans reimburse for hotel stays, restaurant bills, and other expenses.

Rental insurance application

Determine The Right Deductible For Your Budget

After exploring the primary features of renters insurance, you need to select the deductible. This is the portion you must cover before the policy kicks in. A more substantial deductible equates to more affordable premiums, while a lower deductible results in increased premium costs.

For instance, say you decide on a $1,500 deductible . Sometime later, your unit is impacted by a natural disaster resulting in $5,000 in damage or liability claims. The policy will only cover $3,500 or whatever amount past your deductible.

Looking For An Apartment In Westfield First? 

Before you can invest in renters insurance, you’ll need to find the perfect apartment. You will enjoy spacious units with all the amenities you want at Ashley Place Apartments. Book your tour today and discover a range of options that make sense for your busy life.
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