A J.C. Hart Apartment Community in Westfield, IN

Do You Need Renters Insurance In Westfield?

March 29, 2024
Living room area of penthouse apartment with glass wall

What would you do if your personal belongings were damaged in a fire or snatched during an intrusion? Could you afford to replace all your items? The overall financial sum of your belongings might be more than you think, and you could have trouble replacing it all.

Renters insurance will help safeguard you if a disaster occurs. Learn why you should have it at your Westfield apartment and explore the available coverages.

Why Renters Insurance In Westfield Is Worth It

Sofa, chairs, tables, and wall decor in apartment living room

If you had the ability to insure your valuables for a monthly price that is less than dining out one time, would you jump at the chance? Renters insurance is a budget-friendly way to safeguard yourself against various risks like burglary and fire. You can insure your jewelry, electronics, furniture, and other valuables for an affordable monthly premium. Similar to other insurance coverages, it gives you peace of mind, and you’ll be happy you have it when a crisis occurs.

Important Facets Of Renters Insurance In Westfield

Master bedroom with bed, wall art, and nightstand in apartment

How much renters insurance do you need? When you start adding up your jewelry, furniture, computer, TV, and other valuable items, you may be stunned by the final amount. Most Residents have over $10,000 in personal possessions, even when leasing a studio or one-bedroom. You can still discover a budget-friendly plan if you exceed $25,000. Keep in mind that you’re not getting insurance for the apartment building - that’s up to the property owner.

  • It’s a good idea to have the following types of records in case you have to send in a claim:

  • Receipts or credit card statements documenting the value of an item

  • Photo or video clip of possessions

  • Date of sale

  • Approximate value if no receipt is available

Just know that you will only receive compensation up to your policy limits, and you’ll need to pay a deductible. The higher your deductible, the less your monthly premium will be.

Actual Cash Value Vs. Replacement Cost Coverage

Another important consideration is choosing between replacement cost and actual cash value coverage. Here’s a quick summary of these choices:

  • Replacement cost coverage: This reimburses the cost of replacing your belonging with a similar, new one.

  • Actual cash value coverage: This is the more affordable option as it accounts for the depreciation of your possessions. Your 5-year-old stereo may work great, but your compensation will be much lower than replacement cost.

Loss-of-use Coverage If You Must Leave Your Westfield Apartment

Was your Westfield apartment affected by a fire? Is it no longer possible to dwell there? Loss-of-use coverage will cover expenses encountered as a result of forced relocation. This facet of your policy might reimburse for temporary boarding, meals, and other expenses. Coverage amounts will vary widely, so be certain you know what you’re entitled to.

Enjoy Extra Protection With Liability Coverage

Did you know renters insurance in Westfield comes with liability coverage? You’ll have protection if you’re found liable in scenarios involving injury or property damage at your residence. Liability coverage could help cover medical expenses for an injured guest and could even shield you for accidents occurring outside your home.

Buy Renters Insurance In Westfield For Your New Apartment

Before you purchase renters insurance in Westfield, you need somewhere to live. You’ll find enough space for your possessions and a fantastic place to call home at Union Street Flats. Arrange a tour today or contact (317) 942-3629 to chat with a friendly leasing representative.