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

Why Should You Get Renters Insurance For Your Fishers Apartment?

Life may throw you curveballs, but you still have means to defend against disaster. If you think you don't need insurance unless you are a homeowner, you could want to check out your lease requirements. By investing in renters insurance for your Fishers apartment, you can restore items lost due to a storm, flood, fire, or other devastating event.

Do a walkthrough of your rental. Can you take on the financial burden to purchase a new flatscreen, couch, or other items if a disaster occurred? Regardless of the square footage of your place, you may have some expenses in goods that you need to protect.

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

What Should I Know About Renters Insurance In Fishers?

Different from standard home insurance, renters insurance doesn't cover damage to the building's structure. Renters insurance for your Fishers apartment will cover your furnishings, electronics, and valuables when you’ve been faced with a theft or fire. Keep in mind that earthquakes and flooding are most often excluded but might be amended by your policy, so be diligent and read carefully when signing the contract. You could even buy renters insurance for short-term rentals.

Be sure to consider that most companies offer two types of reimbursement options: replacement cost and actual cash value. The actual cash value coverage is cheaper as it considers the present-day worth when a claim is made. If your flatscreen TV has many years of use, the reimbursement will reflect that depreciation. Conversely, replacement cost policies give you the ability to replace the damaged item with a new one similar to what you had.

View of Fishers living room

What Amount Of Renters Insurance For My Fishers Apartment Should I Get?

You may be shocked at how much your belongings are worth when adding them up. Carefully document your personal effects and assign an estimated value . The final total will give you a better sense of how much coverage you will need.

It’s OK if your final calculation looks too big for a monthly premium. Even tenants with thousands of dollars in belongings can get cost-effective plans that are easy on your bank account. Keep in mind, 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 guest is injured in your apartment and files a lawsuit, a renters plan may cover you. You can expect to find $100,000 in liability coverage for situations involving serious personal injury, damage to property, and even legal defense. Your liability insurance may even apply if you are involved in an incident away from your apartment. But keep in mind, some plans will only cover a settlement to an injury but not legal representation.

Do You Need Temporary Lodging?

If a fire, smoke, or some other disaster leaves you without a home, you will have to find temporary living arrangements. Many plans reimburse for hotels and restaurants.

Rental insurance application

Determine An Appropriate Deductible

Once you understand the primary features of renters insurance, you should decide on the deductible. This is the expenses you will need to spend out of pocket before the policy kicks in. A high deductible means lower monthly premiums, while a smaller deductible means higher premiums.

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. Your insurance only covers $3,500 or whatever amount exceeds your deductible.

Looking For An Apartment In Fishers First? 

Before making a decision on renters insurance, you’ll need to find the most suitable accommodations for your lifestyle. You can find roomy units with a range of sought-after amenities at The Flats at Switch. Schedule a tour right now and discover a range of options that will accommodate your lifestyle.
View Floor PlansSchedule a Tour