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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Jun 29, 2022

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What Is Apartment Insurance?

Apartment insurance is just another term for renters insurance. This type of policy helps insure your personal belongings against natural disasters, theft, and fire, and rental insurance for apartments can even help protect you from legal or medical expenses associated with an accident that occurs in your rented dwelling.

Consider for a moment what might happen if a resident of the apartment across the hall from you accidentally left the stove on before heading to work. With no one home to hear the smoke detectors or call the fire department, a good portion of the building — including your apartment — could be lost in the blaze. If you don’t have a good apartment insurance policy, also known as renters insurance, you may be left to pay for the replacement of all your household items — your new computer, all your clothes, and even your big-screen TV. Given that the average renter in a two-bedroom apartment has around $30,000 worth of items, you could be looking at a hefty sum.

Fortunately, cheap apartment insurance can cost as little as $12 per month for up to $30,000 of property coverage. With a good rental insurance policy, you’ll be able to rest easy knowing that your belongings are safely covered.

Ready to take the next step and find an insurance policy that fits your needs? Click to compare the top renters insurance companies.

Do I Need to Insure my Apartment?

Some people assume that if they don’t own a home, they don’t need insurance to protect their residence. However, as a renter, you should never expect your apartment owner’s insurance to cover repair and replacement expenses for your personal belongings. Apartment owners insurance policies offer protection only to the business owner receiving income from a building or complex. Depending on the policy, apartment owners insurance can cover building damage, general liability, loss of revenue, equipment breakdown, data breaches, and more. Though these policies won’t protect your personal belongings as a renter, it is a good idea to verify that your building’s owner has this type of property coverage for the dwelling itself.

Unlike other types of insurance, renters insurance often times gets a bad rap because it isn’t usually required, like homeowners insurance. If something happened to your apartment, like a leak from an upstairs neighbor, and your possessions ended up damaged or destroyed, you’d be on your own to replace everything out of pocket, without insurance.

The most popular form of renters insurance is personal property coverage. That means that in the event that your belongings are damaged, your insurance policy will help pay to replace them.

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How Much Does Apartment Insurance Cost?

Of course, as in the case with any insurance, there are deductibles. However, apartment insurance is often more straightforward than other types of property insurance. The standard policy will be based on the estimated value of your personal property. Items like a fridge or stove that are supplied by the landlord would not be included.

Typical policies cover personal property that has a value of at least $15,000. If you’re freshly out on your own and feel like the hand-me-down couch from mom, your clothes, and a few random pots and pans couldn’t possibly be worth insuring, take a minute to really add up everything you have.

Don’t forget about your TV, computer, and other electronics. Replacing them with brand-new items won’t be inexpensive. And neither will getting new furniture and a replacement wardrobe. When you consider that the average renters insurance policy only costs between $15 and $20 per month, it just might be worth it after you identify the real value of your belongings.

Renters insurance will also help out in the event of a break-in. When you’re dealing with the emotional and psychological impact of a burglary, it’s nice to know that at least you don’t have to worry about how you’re going to replace your lost items.

Does It Protect More Than My Apartment?

But what if someone breaks into your car and grabs your gym bag or snatches your laptop from the coffee shop? The beautiful thing about personal property insurance is that it usually covers your property – even when it isn’t in the apartment.

Off-premises coverage is a standard part of most renters insurance policies, and that means your property is covered simply because it’s your property. But without a policy, you’ll have no recourse other than your own bank account to help replace your MacBook or $200 running shoes.

Replacing destroyed, damaged, or stolen property isn’t the only thing covered by renters insurance. What if someone comes to visit and twists his or her ankle on the stairs or slips on the sidewalk? You don’t want to be on the hook for medical costs and potential pain and suffering expenses. A renters insurance policy that includes liability will make sure you’re protected in the event that someone is injured while visiting.

Whether you rent or own, you need to protect yourself and your belongings from potential loss and liability.

Liability can also help out if damage is done to the property by you or a guest. While the owner of the apartment has a homeowners policy, you could be liable for damage caused outside a catastrophic event or usual wear and tear. This doesn’t mean you have a free pass to be destructive, but some renters liability policies will assist in the event of accidental damage.

If you’ve been renting without insurance and are ready to find out how easy and affordable it is to get protection, let experienced agents help. They are ready to compare policies with you, understand your specific needs, and find the perfect policy for your apartment.

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