Oct
22

Why You Need Renters Insurance in your Connecticut Luxury Apartment

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renters insuranceIf fire or natural disaster strikes your Connecticut luxury apartment, you can be assured your landlord has insurance to cover repairs to the building. Unfortunately, that same insurance policy will do nothing to replace your lost or damaged belongings. Without renter’s insurance, you will be on your own.

The
Equifax Personal Finance Blog recently posted an article addressing the importance of renter’s insurance. The compelling reasons listed in “
Renter’s Insurance: Do You Need It, and What Does It Cover?”  extend far beyond simply replacing lost items to saving you money and giving you peace of mind in all sorts of scenarios.

Of course, insuring your “stuff” is usually the first thing that comes to mind when you think of any type of insurance. Even if you’re just getting started and feel your hand-me-down furniture doesn’t have much value, the relatively inexpensive policies will still help you in a time where you could be facing all sorts of extra expenses. Insurance expert Linda Rey, the article’s author, encourages you to think about those first shopping trips after you moved into your apartment. How much money did you spend on cleaning supplies and organizational items alone? If one of your neighbors falls asleep with a lit cigarette nearby or leaves the stove on, you could be forced to buy it all again.

If you are concerned about a few specific more expensive items – perhaps jewelry or sporting equipment – you’ll want to discuss it with your agent to see if you should purchase special coverage. When it comes to replacing your items, you’ll benefit from pictures and/or video (stored offsite), which will help you remember everything you have and provide proof to the insurance company.

Renter’s insurance will also cover your liability if a visitor is injured in your apartment. This is a big peace of mind factor for many. If a friend were hurt while visiting you and asked you to pay medical expenses or even sued for damages, your insurance policy would cover your fees and the settlement.

According to Rey, most insurance policies will also cover loss of use of your apartment in case of a covered emergency, and many insurers will offer discounts if you insure your car and your belongings with them. Visit the
Equifax Personal Finance Blog to learn about Rey’s experiences with renter’s insurance and more reasons why every renter should be insured.

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